annual financial report

Transcription

A N N U A L
FINANCIAL
R E P O R T
30 06 15
JUVENTUS FOOTBALL CLUB S.P.A.
REGISTERED OFFICE
Corso Galileo Ferraris 32, 10128 Turin
Contact Center 899.999.897
Fax +39 011 51 19 214
SHARE CAPITAL FULLY PAID
€ 8,182,133.28
REGISTERED IN THE COMPANIES REGISTER
Under no. 00470470014 - REA no. 394963
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
This document is available
on the Internet at www.juventus.com
CONTENTS
LETTER FROM THE CHAIRMAN
27
REPORT ON OPERATIONS
31
BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDEPENDENT AUDITORS 33
COMPANY PROFILE34
CORPORATE GOVERNANCE REPORT AND REMUNERATION REPORT
41
MAIN RISKS AND UNCERTAINTIES TO WHICH JUVENTUS IS EXPOSED
42
SIGNIFICANT EVENTS IN THE 2014/2015 FINANCIAL YEAR
46
REVIEW OF RESULTS FOR THE 2014/2015 FINANCIAL YEAR
49
SIGNIFICANT EVENTS AFTER 30 JUNE 2015
53
BUSINESS OUTLOOK
57
HUMAN RESOURCES AND ORGANISATION
58
OTHER INFORMATION
61
PROPOSAL TO APPROVE THE FINANCIAL STATEMENTS
AND ALLOCATE PROFIT FOR THE YEAR
63
FINANCIAL STATEMENTS AT 30 JUNE 201565
STATEMENT OF FINANCIAL POSITION
66
INCOME STATEMENT
69
STATEMENT OF COMPREHENSIVE INCOME
69
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
70
STATEMENT OF CASH FLOWS
71
NOTES TO THE FINANCIAL STATEMENTS
74
ATTESTATION PURSUANT TO ART. 154-BIS
OF ITALIAN LEGISLATIVE DECREE NO. 58/98 BOARD OF STATUTORY AUDITORS’ REPORT
INDEPENDENT AUDITORS’ REPORT
123
124
135
ANNUAL FINANCIAL REPORT - 30 06 15
5
2014/2015
HIGHLIGHTS
MATCH RESULTS
TIM SERIE A
TIM CUP
WINNER
WINNER
2014 - 2015
2014 - 2015
TIM SUPER CUP
UEFA CHAMPIONS LEAGUE
WINNER
FINALIST
2015
2014 - 2015
ECONOMIC
AND FINANCIAL RESULTS
64.6*
MILLIONS OF EURO
48.6 42.6 44.6
19.3
8.9
2.3
-5
-3.8
-6.7
-15.9
-41.2
-48.7
-92.2
-95.4
-121.2
-127.7
-160.3
-188.9
-206
OPERATING RESULT
*
NET RESULT
SHAREHOLDERS’EQUITY
FINANCIAL DEBT
after the share issue of € 120 million concluded on 30 January 2012
2010/11
10
2011/12
2012/13
2013/14
2014/15
TRANSFER CAMPAIGN
BALANCE
IN*
-12,2
-20,9
-25
-45,6
6
12
5
6
4
4
3
3
3
3
MILLIONS OF EURO
€
-84,5
119.9
119.2
118.1
114.2
NET PLAYERS’REGISTRATIONS
RIGHTS
DISPOSALS
71.4
MILLIONS OF EURO
€
ACQUISITIONS
TRANSFER
CAMPAIGN
OUT*
* related to the first team players and excluding temporary operations
and players near the end of their contracts
11
REVENUES
BREAKDOWN OF REVENUES %
RADIO AND TV RIGHTS
51.5
42.4
57.6
47.8
55.9
SPONSOR AND ADVERTISING
25.2
25
18.5
19.1
15.5
6.7
14.9
13.4
13.0
14.8
10.6
8.6
4.0
11.5
6.7
6.0
9.1
6.5
8.6
7.1
MATCHES
PLAYER TRANSACTIONS
OTHERS REVENUES
2010/11
12
2011/12
2012/13
2013/14
2014/15
348.2
%
R
G
A
9
+1
315.8
283.8
C
MILLIONS OF EURO
TOTAL REVENUES
213.8
172.1
194.7
163.5
151
90.6
60.3
88.7
53.8
53.5 52.6
31.8
38
41
51.4
11.6
43.3
ES
DV
R AND A
HTS
SPONSO
ND TV RIG
RADIO A
27.1
36.4
23.5
18.4 11.4
18.2
IONS
10.3
MATCH
ERTISING
19.5
18.3
OTHERS
24.8
S
REVENUE
ANSACT
R
PLAYER T
13
OPERATING COSTS
BREAKDOWN OF COSTS %
PLAYERS’ WAGES AND TECHNICAL STAFF COST
64.6
66.5
65.6
68.1
67.8
EXTERNAL SERVICES
17.1
20.0
19.9
19.5
17.4
OTHER PERSONNEL
6.5
6.2
6,4
6.6
7.4
OTHER EXPENSES
2.3
3.0
4.4
2.9
3.5
PLAYER TRANSACTIONS
8.3
3.1
2.5
1.5
2.7
MATERIALS, SUPPLIES
AND OTHER PURCHASES
1.2
1.2
1.2
1.4
1.2
2010/11
14
2011/12
2012/13
2013/14
2014/15
263.8
%
246.6
8
+
R
G
A
C
227.1
MILLIONS OF EURO
206.3
TOTAL COSTS
196.3
167.9
178.8
149
19.6
137.1
126.9
41.2
45.1
48
45,9
12.7 12.9
14.5
16.2
33.6
RSONNEL
AL
HNIC
AND TEC
S
E
G
A
’W
PLAYERS STAFF COST
4.5
6.2
7.3
9.3
XPENSES
ES
L SERVIC
EXTERNA
2.6
7.1
16.2
10
OTHER PE
CTIONS
TRANSA
3.5
3.1
2.4
6.3 5.6 3.8
PLAYER
2.9
LIES
LS, SUPP
MATERIA PURCHASES
HER
AND OT
OTHER E
15
J STADIUM & MUSEUM
27,000
SEATS OFFERED
FOR SALE
BY SEASON
TICKET HOLDERS
78%
RESOLD
THROUGH
SECONDARY
TICKETING AVERAGE BILLINGS PER SEAT € 1,200
ALL-TIME RECORD TAKINGS
3.3 MILLION
JUVENTUS - REAL MADRID 5 MAY 2015
20,000
PASSBOOK
THE FIRST IN ITALY
TO LAUNCH 1
STADIUM ACCESS
2.5
BY APP
NO-MATCH
DAY EVENT
EVERY
JANUARY 2015
16
DAYS
DAYS OF STEWARD
AND HOSTESS
112,000
SERVED MEALS
7 MILLION
2.2 MILLION
I N TA K I N G S S I N C E
TA K I N G S 1 4 / 1 5
INAUGURATION
510,000
WITH
VISITORS FROM INAUGURATION
UNTIL 30 JUNE 2015
OVER
44th MOST VISITED
MUSEUM
IN ITALY IN 2014
12,000
STADIUM TOURS
2,600 HOURS OF OPENING
2014/2015
3,050 students visited the museum
more than 1,000 took part
in educational activities
500 ITEMS OF MEMORABILIA
in 360 display
stands activities
17
LICENSING & RETAIL
35
OVER 1 MILLION
NEW RECRUITS
FOR THE
RETAIL AREA
TAKINGS OF
150,000
€
BY THE STADIUM STORE
VISIT TO
JUVESTORE.COM
AFTER THE LAUNCH
OF THE NEW JERSEY
FOR THE 1st MATCH
OF CHAMPIONSHIP
JUVENTUS VS. UDINESE
23 AUGUST 2015
JULY/AUGUST
OVER 200,000
VISITS TO THE
STORE IN TURIN
18
OVER 2,000
VISITS EACH DAY TO THE
STADIUM
MEGA STORE
SOCCER SCHOOLS
BYDGOSZCZ,
PIEKARY SLASKIE
S.PETERSBURG-MOSCOW
TORUN
BELGIUM AND LUX
IMST
KOSICE-BRATISLAVA
FRENCH SWISS
SARAJEVO
HOLLAND
MONTREAL
ROCHESTER
GUADALAJARA
ALCORCON
ITALY
ATENE
TUNISI
REPUBLIC OF CYPRUS
BEIRUT
MIAMI
DUBAI
GUATEMALA CITY
CALI - BOGOTÀ
LIMA
CAMPS
BRASIL
ASSUNCION
CHILE
PERTH
SOCCER SCHOOLS
ADELAIDE
MELBOURNE
SOCCER
SCHOOLS
CAMPS
TRAINING
SESSIONS
8,000 ENROLMENTS
by 5 to 17 year olds in Italy
and the world
5,000 ENROLMENTS
all over the world
82
PLACES
IN ITALY
AND THE WORLD WHERE
JUVENTUS
IS PRESENT
700 ENROLMENTS
19
JUVENTUS LEGENDS PROJECT
JUVENTUS LEGENDS 2014/2015
DAVID TREZEGUET APPOINTED CHAIRMAN
INTERNATIONALISATION OF THE BRAND
JAPAN
JAPAN
31 JANUARY 2015
TREZEGUET
17 AUGUST 2014
MATCH IN SENDAI
VISIT TO THE AREAS
HIT BY THE TSUNAMI
INAUGURATION OF J LOUNGE
IN JAPAN @ JR HAKATA
STATION IN FUKUOKA
JAPAN
4 MAY 2015
FRIENDLY MATCH
JUVENTUS LEGENDS VS.
KYUSHU LEGENDS OB
TRAINED BY ZACCHERONI
BUSINESS PARTNERSHIPS
20 MAY 2015
30 JUNE 2015
TREZEGUET SIGNED THE
STEFANO TACCONI AND ANGELO PERUZZI
IN MEXICO WITH TECATE (BEER) BELONGING
AT THE JUVENTUS STADIUM
1st REGIONAL PARTNERSHIP
TO THE UAUHTÉMOC MOCTEZUMA - HEINEKEN MEXICO
20
TOOK THE FIELD
FOR A MATCH ORGANISED
BY OUR PARTNER RANDSTAD GROUP
INSTITUTIONAL OPERATIONS
23 JUNE 2015
B U D A P E S T
INAUGURATION OF THE
50 ANNIVERSARY EXHIBITION
th
Bercellino, Mazzia and Stacchini (Juventus legends) took
part in the inauguration of the exhibition on the golden years
of Ferencvaros. Event organised for the 50th anniversary of
the final of the Inter-Cities Fairs Cup in 1965, won by
Ferencvaros at the Municipal Stadium in Turin against Juventus
CHARITY EVENTS
8 SEPTEMBER 2015
JUVENTUS STADIUM
JUVENTUS LEGENDS VS
BOCA JUNIORS LEYENDAS
The proceeds were donated to projects in Mali
and the Central African Republic for social
reintegration of child soldiers
2 JUNE 2014
JUVENTUS STADIUM
JUVENTUS LEGENDS
VS
REAL MADRID
21
FANS
J1897 MEMBERS DAY
MORE THAN 3,000 GUESTS
1%
+4
120,000*
SOLD UNDER SPECIAL PRE-EMPTION RIGHTS
MEMBERS
CLUB DOC
47,500
2010/11
83,072
388
58
2011/12
Including emember
22
MORE THAN 30,000 TICKETS
70,000
20,000
*
170,000*
2012/13
MEMBERS
AFFILIATE CLUBS IN ITALY
AFFILIATE CLUBS WORLDWIDE
IN 33 COUNTRIES (5 CONTINENTS)
2013/14
2014/15
AN AVERAGE 5.4 MILIONI
ENGAGEMENTS PER MONTH
27 MILLION
19 MILLION
YOUTUBE
SUBSCRIBERS
1.5 MILLION 355 THOUSAND
GOOGLE+
1.6 MILLION
INSTAGRAM
TENCENT
2.1 MILLION
TWITTER
FACEBOOK
GLOBAL
COMMUNITY
2.5 MILLION
3
8 MONTHS ENGAGEMENT
LEADER IN ITALY
FACEBOOK
1
5th SPORTS CHANNEL
st SPORTS PAGE
IN ITALY
1
1° JULY 2015
TOP 15 PAGE
2
AT WORLD LEVEL
6
IN THE WORLD FOR SUBSCRIBERS
MONTHS
ENGAGEMENT LEADER
IN ITALY
new website launched
AUGUST 2015 VS AUGUST 2014
+210% mobile traffic
+55% tablet traffic
Launch of Juventus App
for iOS and Android
18 August 2015
fonte socialbakers
fonte local fan
3
fonte Blogmeter
1
2
23
J VILLAGE
24 JULY 2012
22 JULY 2014
4 AUGUST 2014
ACCADEMIA SGR S.P.A.
STARTED UP OPERATION
THE TURIN CITY COUNCIL
PEC
FUND FOR THE REDEVELOPMENT AND
APPROVED THE AGREED
EXECUTIVE PLAN (PEC)
OF THE CONTINASSA AREA
CONTINASSA AREA
OF THE
“J VILLAGE” REAL ESTATE
UPGRADING PROJECT
JULY 2015
24
FOR THE REDEVELOPMENT
AGREEMENT
SIGNED
Accademia SGR S.p.A. started up operation of the
“J Village” Real Estate Fund for the redevelopment
and upgrading project of the Continassa Area
The City of Turin issued the permits for the infrastructure works, the International School,
the Hotel the new Juventus’ First Team Training and Media Center
When completed, the project will also include: the new registered office, a building housing
commercial and innovative entertainment activities (Concept Store) and the polygeneration plant
Overall area of around 176,000 sq. m,
of which 148,700 sq. m for the J Village together
with development rights for 34,830 sq. m of Gross Floor Area (GFA)
Juventus has maintained the ownership of the long-term lease on a residual area
of approximately 27,300 square meters and development rights for 3,170 square
meters of GFA
Completion of the Project will entail an overall investment in the area of almost
€ 100 million (including the value of the areas) by the J Village Fund
Work began in August 2015
and Juventus operations to
make the Cascina Continassa
complex safe.
The time schedule envisages
completion of all the work by
30 June 2017
25
LETTER FROM THE CHAIRMAN
after a process which began in the summer of 2010, with a complete overhaul of the managerial staff, a financial injection
to support the turnaround and correct management, your club has returned to success on the pitch and ensured economic
sustainability. Four league titles, three Italian Super Cups, and steady improvement in the Champions League, from the quarterfinals in 2012/13 to the final in Berlin, with a Europa League semi-final in between. All this against a backdrop of increased
revenue, which saw the club first halve its losses year on year, before recording an operating profit in 2013/14 and a net profit
in the season just gone.
The management and shareholders are now faced with a new, potentially more arduous task. We have to face up to the real
dilemma of every top-level football club. Only great results on the pitch – success at national and international level – bring
significant revenue, be it from television, commercial deals or sporting achievement. Yet only with a balanced, diversified
structure to revenue can we compete at the highest level.
The significant overhaul of the squad for the 2015/16 season, which ensures the Bianconeri remain highly competitive, along
with the strategies to expand revenue by seeking global partners (such as the agreement recently started with adidas, which
will put Juventus in the same international bracket – both in terms of revenue and visibility – as top clubs like Real Madrid and
Bayern Munich) will allow your club to continue to develop.
The commercial strategy we have developed over the last few years will continue to contribute to maximising revenue from
sponsorships and Juventus Stadium. Direct management of licensing and retail represents a great challenge, an area previously
precluded by other commercial deals. A further challenge is to increase our reach to the almost 300 million Juventus supporters
around the world, by expanding in digital media and e-commerce.
Juventus’ clear progress in running the club has not, however, sufficed to prompt profound, definitive reflection on the national
level as to the future of Italian football. On several sides, important figures in the world of football are calling for the game in
this country to be considered a fully-fledged industry which contributes to the country both via its tax revenue and its ‘supply
chain’. Yet sadly, Italian football has not found the human resources able to put it back at the centre of political debate. In
our game, individuals who are neither important figures nor financers enjoy excessive power. It is an environment which has
deceitfully ‘generated’ the consensus of a self-referential system. In the meantime, for the fifth time in six years, Italian teams
that qualified for the preliminary rounds of the Champions League failed to reach the competition proper, and Italian clubs,
despite finding themselves in a fairly healthy market position, have not been able to grow at the same pace as their European
competitors. In the five-year period 2009-2014, revenue in English football grew by 61%, 46% in Germany, 32% in Spain, 42%
in France, 86% in Russia and 62% in Turkey. Revenue in Italy for the same period grew by just 14%.
The hope is that the next Olympic Games, at the end of 2016, can accelerate reforms to the structure of Italian football
and foster the natural change in personnel, competencies and the way the game is run. This is a process the league bodies,
footballers and coaches have to grasp in order to avoid spending a further five years, between now and 2020, listing what
should be done but that no one does.
Football has to go back to the heart of this world and, in the short term, in order to improve the product we offer supporters,
it would be wise to tackle the following issues:
1. For too long the idea of creating B teams has been rejected, while other countries have guaranteed their young players
steady development. Serie A needs to have the strength to bridge the generational gap between the Primavera championship
(Under-19) and potentially joining the first team, which typically occurs between 22 and 23 years old.
2. Reforming the league system is imperative and must be accompanied by significant reflection on the issue of mutuality.
Relegated teams must be protected so as to avoid jeopardising, as is currently the case, the business’s continuity. It is patently
28
clear that cases such as Parma, who went bankrupt during the league season, or the continued problems many clubs are
encountering in obtaining UEFA licences, undermine the credibility of the system as a whole, making it less attractive for
potential new investors, who we need, provided they present clear, long-term development plans.
3. The situation regarding stadia, save rare and noteworthy exceptions, is unchanged. Not only has the planning of new
infrastructure stalled, existing facilities have even been granted waivers from current legislation. The introduction of Goal
Line Technology – a positive move – entailed costs that all the clubs could bear without any problems. Sadly, the same
cannot be said of investment in safety and the latest technology in video surveillance which, with much lower costs, would
greatly assist the work of the authorities in identifying the individuals behind the offences and would clearly reduce so-called
‘objective responsibility’, which after the recent events of April’s derby at the Stadio Olimpico in Turin, I would jokingly dub
‘inherent responsibility’. Individual responsibility has now become of secondary importance and Italian football appears to have
succumbed to this aberration.
In conclusion, I believe it is only right we point out that the ability to engage in dialogue and enact reform in governance
does not result from the impromptu wishes of a single club. This is a consolidated trend at the European level, thanks to the
institutions’ ability to plan, particularly the European Club Association (ECA), but also UEFA. The clubs joining UEFA’s Executive
Committee was a historically significant event, and also proves that well-structured institutions can evolve, considering those
who invest human and financial resources in football and quite legitimately want to have their voice heard. It is an honour
for me to represent the 220 clubs from 53 different football associations in this dialogue, along with president Rummenigge.
Over the last 12 months, the ECA has reached common ground with European football’s governing body which led to the
early signing of a new Memorandum of Understanding, valid until 2022. This agreement includes greater benefits for clubs,
beginning with Euro 2020, and new mutuality between the Champions and Europa League.
Similar positive dialogue has begun with FIFA, but events which have recently come to light in the global media have slowed
the process for the time being.
A further demonstration of the fact that no institution can continue for too long to ignore calls for greater transparency and
reform without the real risk of being overwhelmed.
Andrea Agnelli
29
REPORT ON
OPERATIONS
BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS
AND INDEPENDENT AUDITORS
BOARD OF DIRECTORS
CHAIRMAN
Andrea Agnelli
CHIEF EXECUTIVE OFFICER
AND GENERAL MANAGER FOR THE SPORTS AREA Giuseppe Marotta
CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
Aldo Mazzia
NON INDEPENDENT DIRECTORS
Maurizio Arrivabene
Pavel Nedved
Enrico Vellano
INDEPENDENT DIRECTORS
Giulia Bongiorno
Paolo Garimberti
Assia Grazioli Venier
Camillo Venesio
APPOINTMENTS REMUNERATION AND COMMITTEE
Paolo Garimberti (Chairman), Maurizio Arrivabene and Camillo Venesio
CONTROL AND RISK COMMITTEE
Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier
EXECUTIVE COMMITTEE
Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellano and Camillo Venesio
BOARD OF STATUTORY AUDITORS
CHAIRMAN Paolo Piccatti
AUDITORS Silvia Lirici
Roberto Longo
DEPUTY AUDITORS Nicoletta Paracchini
Roberto Petrignani
INDEPENDENT AUDITORS
Reconta Ernst & Young S.p.A.
Expiry of mandates
The mandates of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting called
to approve the Financial Statements as of 30 June 2015.
The mandate for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial Statements
as of 30 June 2021.
REPORT ON OPERATIONS - ANNUAL FINANCIAL REPORT - 30 06 15
33
COMPANY PROFILE
Juventus is a listed professional football club which, thanks to its more than century-long history, has become one of the most
representative and popular teams at a national and international level. The Company’s core business is participation in national and
international competitions and the organisation of matches. Its main sources of income come from the economic exploitation of sports
events, the Juventus brand and the first team image, the most significant of these include licensing of television and media rights,
sponsorship, selling of advertising space, licensing and merchandising.
Juventus shares are listed on the electronic equity market of Borsa Italiana.
Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds 63.8% of the share capital.
EXOR is one of the main European investment firms and is controlled by Giovanni Agnelli e C. S.a.p.a.z. Based on the most recent
information available, the remaining capital of Juventus is held 5.0% by Lindsell Train Ltd. and 31.2% is a free float on the Stock
Exchange.
Juventus possesses a club-owned stadium. It was inaugurated on 8 September 2011; the Club also has a modern sports centre
inaugurated on 15 July 2006, which became home to the Juventus College (high school) as of 5 September 2012, dedicated exclusively
to the youth sector.
OUR HISTORY
A group of friends, united by a passion for football, a special game that had recently been “imported” from England, met on a bench
on Corso Re Umberto, one of the major boulevards in the centre of Turin. They had an intriguing idea: to create a sports club just for
football. The boys attended Massimo D’Azeglio high school which specialised in Classical studies, they were well-educated and none
of them was over age 17. For this reason they chose the name Juventus, which means “youth” in Latin. It was 1 November 1897.
They didn’t realise it, but they had just given birth to a legend.
And so, almost by chance, Italy’s greatest football team got its start. The Club’s first chairman was Enrico Canfari, its first pitch was
in Piazza d’Armi and its first jersey was pink. Juventus made its début, in 1900, in the National Championship wearing the same
jersey. Three years later, the Bianconero (black and white jersey) appeared, imported from Nottingham. And five years later, in 1905,
the first Italian title arrived, after a difficult three way competition with Genoa and Milanese. The president was the Swiss Alfredo
Dick who left the Club shortly afterwards following locker-room arguments and various complaints. He went on to establish Torino
and took the best foreign players with him. Juventus witnessed hard times in subsequent years lasting until the beginning of WWI
due to being unable to compete with the new football powerhouses of the time, Pro Vercelli and Casale. The Bianconeri made a
great comeback after the end of the war: goalkeeper Giacone and fullbacks Novo and Bruna were the first Juventus players to
wear the National Team’s jersey. The President was the poet and man of words Corradino Corradini, who also penned the Juventus
anthem used until the 60s. 1923 was a special year: Giampiero Combi made his début with the first team, one of the greatest
goalkeepers of all times, and even more importantly the Club’s leadership changed hands. On 24 July the Shareholders’ Meeting
elected the new president by acclamation: Edoardo Agnelli, the son of the founder of FIAT. The club also had its own pitch now,
in Corso Marsiglia. The stands were in masonry and the number of supporters increased day by day. All of the foundations had
been laid to progress through the ranks of Italian football and strengthen a team that already boasted players like Combi, Rosetta,
Munerati, Bigatto and Grabbi, and its first team manager, the Hungarian Jeno Karoly, and first foreign champion, also from Hungary,
left-winger Hirzer.
In 1925/1926 Juventus won their second national championship, following a gripping final with Bologna, beaten only in a play-off
and a grand final against Alba Roma. And this was just the beginning: from 1930 to 1935 Juventus was way out in front and five
consecutive national league titles arrived in Turin. The stars of the “Golden five-year period” were the manager Carlo Carcano and
champions such as Orsi, Caligaris, Monti, Cesarini, Varglien I and II, Bertolini, Ferrari and Borel II. Juventus also gave a determinant
contribution to the National Team, who won the World Cup in Rome in 1934. During the 1930’s the team also had their first
experience in international football, taking part in the European Cup, the illustrious predecessor of the current Champions League.
Luck was not on their side, but they did make four semi-final appearances.
34
Juventus resumed their success after WWII. In 1947, Giovanni Agnelli, son of Edoardo, who tragically died in a plane crash in 1935,
became president. The club’s most heralded champions were now Carlo Parola, Danes John Hansen and Praest and, above all
Giampiero Boniperti. Cheered on by crowds of fans, they won the Italian Championship in 1950 and 1952.
In 1953, Giovanni Agnelli resigned as president, which was passed onto his brother Umberto Agnelli two years later. A new triumphant
cycle was beginning: with the arrival of Omar Sivori and John Charles, the Bianconeri won the Italian Championship in 1958, allowing
them to wear a star on their jerseys for having obtained ten national titles. In the 60s there were three more successes, the last
in 1967 under Vittorio Catella’s presidency. Juventus’ history was to become even more glorious at the dawn of the new decade.
Giampiero Boniperti had hung up his boots, but he continued to lead the team: he became the President in July 1971 and there was
no stopping Juventus.
The Boniperti era started with a bang by winning two championships in a row, the 1971/1972 and 1972/1973 seasons. It was the
beginning of a triumphant cycle which would bring the Bianconeri nine Italian Championships, their first European victory with the
Uefa Cup in 1977 and the Cup Winners’ Cup in 1984.
The success they had long searched for in European competition arrived on the saddest evening in Juventus’ history: on 29 May
1985 in Brussels, the Heysel tragedy took place. The crowd went wild just before the match with Liverpool and 39 innocent victims
lost their lives. Football, from that time on, would never be the same again. The match was played all the same in an attempt to
restore order and Juventus won the Cup. It was a joyless success, but allowed the Bianconeri to fly to Tokyo in the winter to play the
Intercontinental Cup. Argentinos Junior were beaten on penalties and Juventus became World Champions.
Directing the team from the bench was Giovanni Trapattoni, who had arrived at Juventus in 1976 after the Czech Vycpalek and Carlo
Parola, who had created an invincible engine under Boniperti’s presidency. First, by focussing on young Italian talents from Zoff to
Scirea, from Tardelli to Cabrini, from Causio to Paolo Rossi, from Gentile to Furino, from Anastasi to Bettega. Then, when he was able
to sign foreign players in 1980, he was able to count on the contribution of foreign champions. The first was Liam Brady, an Irish
midfielder with velvet feet and a smart brain, who dictated the pace of the game and scored valuable goals. His final strike, scored
in Catanzaro from the penalty spot gave Juventus their twentieth Italian Championship, and their second star. It was 16 May 1982
and the Bianconeri supporters were jubilant.
Less than two months later, on 11 July, all Italian fans would share their joy, thanks to Juventus: in Madrid, the National team won
the World Cup for the third time in its history, with a resemblance to Trapattoni’s side. Zoff, Gentile, Cabrini, Scirea, Tardelli and Rossi
were the pillars of the Italian national team who lifted the cup before Italian President Sandro Pertini. Rossi was the tournament’s
top scorer, with six goals in seven matches, winning the Golden Ball, the second Italian in history to do so after Rivera. The trophy
awarded by France Football was one of the family in Turin, during that period.
After the World Cup season, the number of eligible foreign players on Italian teams increased by two, so the Pole Zibì Boniek and,
more importantly, Michel Platini joined the side. The Frenchman turned out to be a true champion. Elegant in his movements, he
played with his head held high, placing passes onto his team mate’s feet from 50 metres and scoring many goals. “Le Roi” won top
goalscorer and the Golden Ball for three consecutive years and enchanted supporters all over the world. At the triumph in Tokyo, he
scored the last penalty, the winning spot kick, after one of the best goals ever seen in football history was disallowed in normal time.
Juventus achieved their last Italian Championship of the Boniperti era in that season. Platini went on to play another season before
leaving his career as footballer in 1987 and becoming a coach, manager and later President of UEFA in 2007.
Platini’s farewell to football coincided with a reformation of the team, seeing Juventus witness a less successful period, despite other
victories: in 1990 the Bianconeri won both the UEFA cup and Italian Cup. Dino Zoff was at the helm, who at first was supported by
the precious contribution of one of his great friends and former team mates, Gaetano Scirea. But fate brought a tragic end to that
solid link: during a trip to Poland to scout Juventus’ future opponents in the Uefa Cup, Gaetano lost his life in a tragic car accident.
The date was 3 September 1989 and no Juventus supporter will ever forget it.
In 1990 Giampiero Boniperti handed over the presidency to the attorney Vittorio Caissotti di Chiusano. Three years later, Juventus
clinched their third UEFA Cup, but had not had a Championship win in a long time. In 1994, the club started a reorganisation process:
Chiusano remained as president, but operating positions were given to Roberto Bettega, Antonio Giraudo and Luciano Moggi.
Marcello Lippi was the manager and the team featured many new players: Ferrara in defence, Paulo Sousa and Deschamps in
35
midfield and up front alongside unrivalled leaders like Gianluca Vialli and Roberto Baggio, was an interesting younger player. He had
arrived the year before from Padova, showing a notable technique and strong personality. His name was Alessandro Del Piero. And
he would go on to rewrite all of Juventus’ records. First came the Italian Championship, followed by the Italian Cup. There was an
ongoing struggle with Parma, who finally managed to wrest the Uefa Cup from Juventus. The year was a triumph, but one that was
also marked by tragedy of Andrea Fortunato, who died from an incurable disease on 25 April 1995. The Italian Championship victory
allowed Juventus to claim their place in the Champions League the following year. They eliminated Real Madrid in the quarter-finals,
and went on to beat Nantes in the semis. The final was played in Rome against reigning champs Ajax. It was 22 May 1996, it ended
1-1. Then came the penalties: the Bianconeri did not miss one, while Peruzzi saved two. Jugovic approached the penalty spot wearing
a smile for the last kick. His smile turned into a cry of joy after a few seconds. Juventus became Champions of Europe.
The team underwent drastic changes the following year: offensive players Vialli and Ravanelli left, and Boksic, Vieri and Amoruso
arrived. Montero and Zidane also joined the team to bolster the defence and midfield. The Bianconeri were back on the top of the
world, after Del Piero’s goal clinched a victory against River Plate in the Intercontinental Cup held in Tokyo. The Championship
was sealed again, as well as the UEFA Super Cup against Paris St.Germain. Unfortunately a European victory escaped the team in
Munich: the Borussia Dortmund team featuring former Bianconeri Moeller and Paulo Sousa was the winner. The Champions League
disappointment was repeated the following year, when the Bianconeri were defeated by Real Madrid in Amsterdam during the final.
However, the championship was won once again thanks to the fine form shown by Inzaghi and Del Piero. The following season, Del
Piero suffered an injury on 8 November 1998 in Udine. Juventus, without their guiding light, struggled to keep up the pace and Lippi
gave way to Ancelotti on the bench.
After two unsuccessful seasons, Lippi returned home in 2001: the manager from Viareggio took over the team who, without Inzaghi
and Zidane, could count on the vital signings of Buffon, Thuram and Nedved. The championship went right down to the wire: Inter
were leading on the last day and played against Lazio in Rome. Juventus, in Udine, started out very strong and went ahead in the
first fifteen minutes. Inter, instead, floundered, made a recovery, fought and then sunk.
The immense joy of Del Piero and Trezeguet, along with Ronaldo’s tears: these are the images which mark the history of Italian
Championship number 26. The tricoloured shield remained on the Juve’s jersey for the following season, but it was the only joy in a
sad year. Giovanni Agnelli died on 24 January 2003 and the club and its fans were in mourning. In May, the team suffered another
setback, losing the Champions League final on penalties in Manchester against Milan.
15 July proved to be an important date for the club: Juventus signed an agreement with the Municipality of Turin for the acquisition
of a 99 year lease for the Delle Alpi Stadium, where the new stadium would be built. In the meantime, in August the team played the
Italian Super Cup in the USA and got its revenge by beating Milan. However, the celebration was short-lived as the death of President
Vittorio Caissotti di Chiusano was announced. Franzo Grande Stevens, deputy chairman of FIAT took his place. Following the Super
Cup victory, the remainder of the season was unfulfilling for Juventus, and the club was again in deep mourning the next spring when
Umberto Agnelli passed away on 27 May 2004.
The following season Fabio Capello assumed control of the team. New players included the Brazilian Emerson, Fabio Cannavaro and
Swedish striker Zlatan Ibrahimovic. Their performance in Europe was less than brilliant, but Juventus was unstoppable in Italy and
achieved two consecutive championships, smashing records and leaving opponents trailing.
Towards the end of the 2005/2006 season, the club was involved in a judicial enquiry, originating from recorded telephone calls. The
matter, known as “Calciopoli” brought about major changes within the club, with the election of a new Chairman, Giovanni Cobolli
Gigli and CEO, Jean-Claude Blanc. Juventus was sentenced by the sporting body to play a season in Serie B and penalised nine points
and the two previous Championship victories were revoked. Didier Deschamps was the new manager who began his mission with
a core of champions: Del Piero, Buffon and Camoranesi, coming from Italy’s World Cup victory in Berlin as well as Trezeguet and
Nedved.
15 December 2006 was a sad date in Juventus’ history, two boys from the Beretti team, Alessio Ferramosca and Riccardo Neri, died
in a tragic accident at the Juventus Training Center in Vinovo. With a deep sadness engulfing the club, the team returned to the field
the following week and beat Bologna, a decisive victory for returning to Serie A, and one that was dedicated to the memory of the
two boys. Alex del Piero finished the season as the top scorer in Serie B and broke the all-time Juventus record for scored goals.
The following season, under Claudio Ranieri’s guidance, the Bianconeri came in third thus qualifying for the Champions League
36
preliminary round. Captain Del Piero, the key man in a great season was top scorer with 21 goals, one more than his team mate
Trezeguet. In the 2008/2009 season, Juventus had a difficult second part of the season and suffered negative results which could
have affected their qualification for the Champions League. Ciro Ferrara replaced Ranieri for the last two days of the championship
and Juventus finished in second place. Ferrara was confirmed for the following season, which witnessed the return of Fabio Cannavaro
and new team additions Fabio Grosso, Felipe Melo and Diego. In October Giovanni Cobolli Gigli resigned as Chairman and JeanClaude Blanc took full control. The team, which had started out well, encountered a series of injuries which compromised their overall
performance. Management changed again in late January with Zaccheroni taking over from Ferrara. The season ended with a seventh
place finish and qualification for the Europa League.
The turning point arrived on 19 May 2010 when Andrea Agnelli became chairman of the club and Giuseppe Marotta General
Manager for the Sports Area, opening a new chapter in the team’s history. On 27 October 2010 Giuseppe Marotta was also
nominated Chief Executive Officer.
The 2010/2011 season was marked by a complete overhaul of the First Team and top company management and ended with a
seventh place, not enough for Juventus to qualify for the 2011/2012 European competitions, and the dismissal of manager Luigi Del
Neri. In May 2011 Jean-Claude Blanc left his position and obtained a special appointment to complete the new stadium project and
its inauguration. Aldo Mazzia was nominated as Chief Executive Officer.
During the Transfer Campaign in summer 2011 the First Team continued its renewal, a job entrusted to Antonio Conte, the captain
of many victorious battles.
Juventus returned home on 8 September 2011: in two years the old Delle Alpi Stadium had been dismantled and a new club-owned
stadium stood in its place, the first of its kind in Italy.
The splendid inauguration ceremony included a friendly game with football’s second oldest team, Notts County, who had given its
black and white jerseys to Juventus in 1903.
The Juventus Stadium is a symbol of pride for the Club, its supporters and the City of Turin. The investments made by Juventus,
for around 150 million Euro, and its partners who developed the adjacent shopping centre, totalling approximately 90 million
Euro, helped keep hundreds of jobs from being lost during the two years needed for its construction and continue to create new
employment opportunities for running the stadium and shopping centre, also contributing to redeveloping and revitalising an entire
area of the city. A further step in this direction was taken on 14 June 2013 with the signing of the final 99-year lease agreement for
a portion of the Continassa Area of approximately 176 thousand square metres next to the Juventus Stadium. The Area will be the
venue of the new Training and Media Center of the First Team and will house the new registered office of the company, as well as
provide services to the public, to businesses and to individuals.
The 2011/2012 season will remain unforgettable: the team under the guidance of Antonio Conte and driven by the magical
atmosphere of the Juventus Stadium combined performance with results ending the championship unbeaten and winning its thirtieth
league title. Conte and his men played in the Italian Cup final losing to Napoli, but made up for it two months later, winning against
the same team in the fifth Italian Super Cup, held in Beijing.
The J Museum was inaugurated on 16 May 2012, an ideal spot for Juventus fans to meet and retrace this unforgettable story of
successes every day.
The J College was inaugurated at the Vinovo Training Centre on 5 September 2012. This is an innovative project for the Youth Sector,
to help young players reconcile their sporting and school commitments in the best way possible.
In the 2012/2013 season, Juventus returned to the European stage, reaching the quarter finals in the Champions League, and
winning its second league title in a row, three matches ahead of the last game, at the end of a season in which it was in the lead
from day one.
The following season was triumphant: in August, another Italian Super Cup was won, and at the end of the championship Juventus
was still in the lead. This was the third consecutive national championship, which had not happened since the time of the “Golden
five-year period”. This success was even more exciting as a result of the amazing figures achieved by the Team, starting with the 102
points obtained. It was a record-breaking football season.
37
The 2014/2015 football season was no exception. The fourth consecutive championship was won by seventeen points ahead; on 20
May 2015 the tenth Italian Cup in history arrived; in the Champions League, after having passed the Group Stage and eliminated
Borussia Dortmund, Monaco and Real Madrid (in that order), on 6 June 2015 the First Team played the final match of the 2014/2015
UEFA Champions League in Berlin and lost 1-3 against Barcelona.
The 2015/2016 football season opened with the team winning its seventh Italian Super Cup in Shanghai.
38
OUR TROPHIES
ITALIAN
CHAMPIONSHIP
ITALIAN CUP
ITALIAN
SUPERCUPS
INTERCONTINENTAL
CUP
UEFA
CHAMPIONS
LEAGUE
CUP
WINNER’S CUP
2
2
1
UEFA CUPS
UEFA
SUPERCUPS
INTERTOTO
CUP
3
2
1
33
10
7
39
OVERVIEW OF FIGURES FROM THE PAST FIVE YEARS
2014/2015
2013/2014
2012/2013
2011/2012
2010/2011
YES
YES
YES
NO
NO
348.2
315.8
283.8
213.8
172.1
(263.9)
(246.6)
(227.1)
(206.3)
(196.3)
(66.8)
(60.3)
(60.5)
(48.7)
(60.6)
Operating income
19.3
8.9
(3.8)
(41.2)
(92.2)
Income before taxes
10.8
0.1
(10.9)
(45.9)
(93.8)
2.3
(6.7)
(15.9)
(48.7)
(95.4)
114.2
119.9
119.2
118.1
71.4
44.6
42.6
48.6
64.6
(5.0)
(188.9)
(206.0)
(160.3)
(127.7)
(121.2)
Amounts in millions of Euro
UEFA Champions League
Revenues
Operating costs
Amortisation, write-downs and provisions
Net income/(loss)
Players’ registration rights, net
Shareholders’ Equity
Net Financial Position
For additional details see the Notes.
FINANCIAL DISCLOSURES AND RELATIONS WITH INVESTORS
Juventus is constantly engaged with its shareholders, investors and analysts, both in Italy and abroad, through the activities of the
Investor Relations Department, which guarantees ongoing disclosure to the financial markets, aimed at maintaining and improving the
confidence of investors and their level of understanding related to the Company’s performance and strategies.
The Company’s website www.juventus.com contains a section for Investor Relations that includes economic and financial highlights,
institutional presentations, periodic financial reports, price sensitive press releases and updates on the performance of Juventus stock.
JUVENTUS FOOTBALL CLUB S.P.A. SHARE PRICE PERFORMANCE AND AVERAGE
DAILY TRADING
€/m
12.0
€
0.40
Equity turnover
Official price
10.0
0.30
8.0
0.20
6.0
4.0
0.10
2.0
0.0
8/9/14
40
0.00
17/11/14
2/2/15
15/4/15
26/5/15
3/9/15
CORPORATE GOVERNANCE REPORT AND REMUNERATION
REPORT
In its meeting of 11 September 2015, the Board of Directors of Juventus F.C. S.p.A. approved the “Corporate Governance Report”
prepared in accordance with article 123-bis of Italian Legislative Decree no. 58 of 24 February 1998, as amended (TUF – Consolidated
Financial Law) and the “Remuneration Report” prepared in accordance with article 123-ter of the aforementioned law.
The documents have been published together with the Annual Financial Report at 30 June 2015 and are available on the website
www.juventus.com.
41
MAIN RISKS AND UNCERTAINTIES TO WHICH JUVENTUS
IS EXPOSED
Through a regular risk assessment process, Juventus defines, updates and assesses the key risks, classifying them - according to its
Risk Model - in the following main categories: industry risk, process risk (divided in turn into strategic, operational and financial risk)
and compliance risk.
A brief description of the main risks the Company is exposed to is given below.
INDUSTRY RISK
RISKS CONNECTED TO GENERAL ECONOMIC CONDITIONS
Overall, Juventus’ financial position, income statement and cash flows are affected by general economic conditions. Therefore, despite
the fact that most of the Company’s income items are tied to long-term contracts, if the situation of weakness and uncertainty
lengthens significantly, the activities, strategies and prospects of the Company may be negatively affected, particularly in terms of the
radio and television rights market, sponsorships, revenues for the new stadium and all sales activities targeting supporters.
RISKS CONNECTED TO THE SPONSORSHIP MARKET
The economic weakness mentioned above continues to affect the market of sports sponsorships which currently has a narrower
time frame of promotional and advertising investments. This market scenario in the short term has led to a lower level of long-term
sponsorship revenues compared to the past. If this situation should continue, growth in sponsorship revenues may fall below our
expectations, with the result that Juventus’s financial position, income statement and cash flows may be impacted.
RISKS CONNECTED TO FUNDING REQUIREMENTS
Numerous factors affect Juventus’ financial position. In particular, these include the fulfilment of sports and business objectives, as well
as trends in general economic conditions and in the markets in which the Company operates. In accordance with the Company’s risk
management policy, Juventus has credit facilities in place with a number of premier banking institutions to prevent cash flow shortages
from arising. In addition to this, the Company holds its cash and cash equivalents, if any, as demand deposits or short-term deposits
with a suitable number of different banks, to ensure the prompt availability of the funds. Nevertheless, given the current situation of
financial markets, the emergence of bank and money market situations that may interrupt normal financial transactions cannot be
excluded, which would give rise to cash flow shortages in the event that credit facilities were also restricted.
RISKS CONNECTED WITH THE ABILITY TO ATTRACT “HUMAN CAPITAL”
Achieving sports and economic results depends on the ability to attract and keep top quality managers, players and technical staff
and, therefore, requires payment of salaries in line with those of the main competitors in Italy and Europe, some of which can count
on revenues exceeding those of Juventus, thus with greater purchasing power. Any inability to keep “key people” may have a negative
impact on the Club’s growth prospects.
PROCESS RISKS
RISKS CONNECTED TO RADIO AND TELEVISION RIGHTS
The Company’s revenues are closely tied to proceeds from the sale of radio and television rights, the terms and conditions of those
rights, and how such rights are sold and distributed. Rules governing the ownership of broadcasting rights to sports events and the
distribution of proceeds, do not allow for direct management by the Company and may have a significant impact on the financial
position, income statement and cash flows of Juventus. A possible decrease in the rights market or a different application of the new
criteria adopted by the Lega for the distribution of proceeds from the centralised and collective sale of radio and television rights may
lead to a significant reduction of revenues in the future with a negative impact on the financial position, income statement and cash
flows of the Company.
Moreover, for several years now, live streaming and piracy on Internet have caused the loss of income for TV broadcasters which could
lead them to change their investments in the sector with a negative impact on the financial position, income statement and cash flow
of the Company.
42
RISKS CONNECTED TO THE MISSED QUALIFICATION FOR SPORTS COMPETITIONS
The Company’s financial performance is significantly affected, both directly and indirectly, by the results achieved by the team in the
various tournaments it takes part in, especially the UEFA Champions League. Direct entry to the tournament is currently assured to
the top two ranking teams in the Serie A Championship, while the third-placed team has the opportunity of qualifying through a
preliminary qualifying round. Failure to qualify, even where due to a reduction in the number of participating sides, as well as failure to
obtain the UEFA licence, including in light of the “Financial Fair Play” rules, could potentially have an adverse impact on the Company’s
financial position and performance.
RISKS CONNECTED TO THE TRANSFER CAMPAIGN
The Company’s business and financial performance are affected significantly by the acquisitions and disposals made as part of Transfer
Campaigns. The difficulties in correlating the single transactions compared to the Development Plan and guidelines related to sports
management defined annually could result in negative impacts on the Company’s financial situation. Moreover, the failure to optimise
the bench, which could derive from inclusion of footballers on the team who no longer meet the technical and tactical requirements
of the team manager and the strategic needs of the sporting director, and who did not agree to transfers, raises the risk of unexpected
or excessive costs (a risk common to all football clubs).
Like all its main competitors, the Company has been faced with a significant increase in salaries and bonuses in recent years as well
as in the cost of players’ registration rights. If the value of players were to continue increasing at a significant rate, purchasing the
registration rights for new players could become more problematic, especially if the value of the bench’s players to sell did not increase
proportionately.
It cannot be excluded that these trends may continue in future years, affecting the Company’s strategy and the dynamic management
of its playing assets, and may have negative effects on the Company’s financial position, income statement and cash flows, as well as
on its activities, strategies and prospects.
RISKS CONNECTED WITH SPORTING ACTIVITIES
Players’ registration rights represent the Company’s main factor of production. Sports activities are subject to risks connected to
players’ physical health and fitness. Injuries and accidents, therefore, can potentially have a significant impact at any time on the
Company’s financial position and income statement.
RISKS CONNECTED WITH MANAGEMENT OF THE TRADEMARK
Trademark infringement by third parties, which jeopardises an important portion of revenues, is another risk the Company faces.
The unlawful use or infringement of the trademark, in any form, as well as resulting in lower revenues, could adversely affect the
commercial value of the trademark, with negative effects on the Company’s financial position, income statement and cash flows.
As of 1 July, Juventus directly manages the licensing & retail activities previously entrusted to the Nike Group. This decision constitutes
an opportunity for the Company to increase revenues arising from the exploitation of the trademark and the reputation of the brand in
foreign markets. However, operational and reputational risks associated with this new management can not be excluded.
RISKS CONNECTED TO DIGITAL MEDIA
The Company has adopted appropriate procedures and rules of conduct to manage media relations. However, as digital media have
become more commonplace, the possibility of an improper use of these procedures and rules by registered players and/or their
relatives, relatives by marriage and agents, as well as the publication of contents by third parties in general, having a negative impact
on the image of the Company, its Directors, executives and/or registered players, with consequent negative effects on the financial
position and performance cannot be ruled out.
RISKS CONNECTED WITH MANAGEMENT OF THE COMPANY-OWNED STADIUM
In the 2011/2012 football season, Juventus became the first club in Serie A to own its own stadium, and since the 2014/2015 season
it has also directly managed the fan access control and assistance services (“Stewarding”).
The Company is therefore exposed to risks related to the structure of the stadium and the management of the surrounding public areas
used for parking. This may also lead to unexpected costs, including due to damage or vandalism which is beyond Juventus’ control.
Activities at the Juventus Stadium could also be suspended following natural disasters and other events beyond the Company’s control
with consequent negative impacts on Juventus’ financial position, income statement and cash flows.
43
Lastly, a reduction of supporters and played matches would have a negative effect on Juventus’s financial position, income statement
and cash flows.
AUDIENCE BEHAVIOUR AND RISKS CONNECTED TO THE NO-FAULT LIABILITY OF FOOTBALL CLUBS
Under current regulations, football clubs have a no-fault liability in relation to certain acts of their registered players and fans, that may
result in sports sanctions and/or monetary fines for the clubs and players. In this regard, despite adopting measures and procedures
considered necessary to avoid the infringement of these regulations, the Company cannot rule out the possibility that events may
occur beyond its control that result in sanctions (including suspension from a sector or from the stadium, fines, and bans from
competitions), with a possible reduction in ticket sales and extraordinary costs, nor can it evaluate the sports, economic and financialrelated consequences that may arise. Following these events, the need to consolidate security measures during home matches could
arise, with additional costs and expenses for the safety of fans and Company insurance, and with consequent negative effects on the
financial position and performance of the company, as well as its operations, strategies and prospects.
RISKS CONNECTED TO ANY UNLAWFUL BEHAVIOUR OF REGISTERED PLAYERS
Given current sports regulations on football clubs liabilities for any possible behaviour of its players, the possibility that Juventus may
be fined by sports bodies in the future, for events beyond its control, with negative effects that may also be significant on the financial
position and performance, cannot be ruled out.
RISKS CONNECTED TO FLUCTUATIONS IN INTEREST RATES AND EXCHANGE RATES
Juventus uses various forms of funding to assure the cash flow needed for its business. These include credit lines for cash advances and
credit commitments, factoring, finance leases, and special purpose loans for mid/long-term investments. Changes in interest rates can
raise or lower the cost of servicing these loans. The Company has decided to make use of financial instruments to hedge the risk of
fluctuations in interest rates to finance medium-long term investments. Despite this, sudden changes in interest rates could potentially
have an adverse impact on the Company’s financial position and income due to higher financial expenses on short-term borrowing.
Juventus conducts almost all its purchase and sale transactions in euro. As a result, the Company is not exposed in any significant way
to the risk of exchange rate fluctuations.
COMPLIANCE RISK
RISKS CONNECTED TO FINANCIAL FAIR PLAY AND COMPLIANCE WITH ECONOMIC AND FINANCIAL PARAMETERS
A European-wide licensing system is in place for the admission of football clubs to the club competitions organised by UEFA (UEFA
Champions League, UEFA Europa League and UEFA Supercup). Based on this system, only football clubs which prove they satisfy
the sporting, infrastructure, personnel and administrative, legal and financial criteria, along with the required title are allowed to
participate in European competitions and thus obtain the so-called “UEFA License”. The UEFA Club Licensing manual also incorporates
Financial Fair Play Regulations.
Financial Fair Play is based on the break-even result, according to which clubs can participate in European competitions only if they
can demonstrate a balance between generated revenues and incurred costs.
From the 2015/2016 season, the FIGC has launched policies aimed at the introduction of Financial Fair Play also in Italy, by introducing
some financial and operational ratios to ensure the financial sustainability of the sector.
The Company has obtained a UEFA licence and the National Licence to play in championships for the 2015/2016 Football Season,
however it is not possible to predict if in the future these requirements (or any new requirements approved in the meantime) will be
complied with, nor can it be excluded that shareholders may be asked for additional funding to meet the requirements needed for
the licenses. If the Company is not able to meet the above requirements, it may be subjected to management limitations or, in more
severe cases, be excluded from participation in competitions, bearing an adverse impact on its financial position and income statement.
RISKS CONNECTED TO THE OUTCOME OF PENDING LITIGATION
With the assistance of its legal advisers, the Company manages and constantly monitors all current disputes and, on the basis of the
outcome that can be predicted for them, proceeds, when necessary, with the allocation of specific risk provisions.
Future negative effects, both minor and major, on Juventus’ financial position, income statement and cash flows cannot be excluded
on the basis of the current disputes.
44
RISKS CONNECTED TO TAX LITIGATION
Considering the specific nature of the football industry and in particular transactions regulating the Transfer Campaign, which are
interpreted in different ways by football clubs and the Financial Administration, claims could be made by the Financial Administration
in the future, even concerning a significant amount, with adverse effects on the Company’s financial position and performance.
45
SIGNIFICANT EVENTS IN THE 2014/2015 FINANCIAL YEAR
FOOTBALL SEASON
On 2 May 2015 Juventus won the Serie A Championship 2014/2015 for the fourth year in a row (33rd league title in the team’s history)
and four gameweeks ahead of time and obtained direct access to the Group Stage of the 2015/2016 UEFA Champions League.
On 20 May 2015 Juventus won the Italian Cup for the tenth time, becoming the first Italian club to reach this result.
After having passed the Group Stage and eliminated Borussia Dortmund, Monaco and Real Madrid (in that order), on 6 June 2015
Juventus played the final match of the 2014/2015 UEFA Champions League in Berlin and lost against Barcelona.
On 8 May 2015 the UEFA first instance licensing committee at FIGC, after examining the submitted documentation and verifying its
compliance with the criteria and parameters required by the regulations, issued Juventus a UEFA license for the 2015/2016 football
season.
EFFECTS OF THE 2014/2015 TRANSFER CAMPAIGN
PURCHASES AND DISPOSALS OF PLAYERS’ REGISTRATION RIGHTS
Transactions concluded in the first phase of the 2014/2015 Transfer Campaign, run as usual in a summer phase (from 1 July to 2
September 2014) and winter phase (from 5 January to 2 February 2015), as well as in June 2015, only for the termination of some
player-sharing agreements, raised total invested capital by € 52.2 million, as a result of acquisitions and increases totalling € 74.6
million and disposals totalling € 22.4 million (net book value of rights disposed).
The disposals and terminations of player-sharing agreements generated net capital gains of € 19.7 million.
The total net financial commitment of € 25 million is spread over five years, and includes auxiliary expenses and financial income and
expenses implicit in deferred receipts and payments.
For additional details see Note 8 of the financial statements.
WRITE-DOWNS ON PLAYERS’ REGISTRATION RIGHTS
In the second phase of the 2014/2015 Transfer Campaign, the contracts of Sebastian Giovinco and Marco Motta expiring on 30 June
2015 were terminated by mutual consent. These transactions resulted in a write-down of approximately € 2.2 million of the remaining
book value.
The financial statements at 30 June 2015 also include the recognition of a write-down of € 0.3 million to align the residual value of
the players’ registration rights of Carlo Alberto Tevez to the net consideration actually received for the disposal. Lastly, in the month
of August 2015, the contract of Fernando Llorente expiring on 30 June 2017 was terminated by mutual consent. This termination
resulted in the write-down of the remaining book value for approximately € 1.5 million at 30 June 2015. For additional information see
“Significant events after 30 June 2015”.
RENEWAL OF PLAYERS’ CONTRACTS
In June 2014, the players’ registration rights contracts of the following footballers were renewed, starting on 1 July 2014:
- Andrea Barzagli (up to 30 June 2016);
- Rubens Fernando Moedim (up to 30 June 2015);
- Andrea Pirlo (up to 30 June 2016);
- Marco Storari (up to 30 June 2015).
Moreover, during the financial year 2014/2015 players’ registration rights contracts with the following footballers were renewed:
- Giorgio Chiellini (up to 30 June 2018);
- Nicola Leali (up to 30 June 2019);
46
- Stephan Lichtsteiner (up to 30 June 2017);
- Luca Marrone (up to 30 June 2019);
- Jorge Andres Martinez (up to 30 June 2016);
- Paul Labile Pogba (up to 30 June 2019).
This resulted in lower amortisation for the financial year 2014/2015 by approximately € 6.3 million.
2014/2015 SEASON TICKET CAMPAIGN
The Season Ticket Campaign for the 2014/2015 football season closed with the subscription of all the 28,000 available season passes,
for net revenues of € 20.8 million (€ 20.2 million in the previous season), including Premium Seats and additional services.
LINE OF CREDIT GRANTED BY THE PARENT EXOR S.P.A.
In the meeting of 23 January 2015, the Board of Directors of Juventus approved the opening of a line of credit for a maximum of € 50
million granted by the parent company EXOR S.p.A. with effect from 1 February 2015.
Juventus will be able to use this line of credit until its expiry on 31 December 2015, at an interest rate equal to one month Euribor plus
a spread of 2 percent. At 30 June 2015 this line was used for € 38 million and the financial expenses for the 2014/2015 financial year
accrued on the transaction amounted to € 0.4 million.
Due to its value, this transaction constitutes a “material” transaction and was therefore submitted for prior examination to the meeting
of the Committee for transactions with related parties of Juventus held on 19 January 2015.
Following the assessments made, the Committee deemed that the transaction had conditions equivalent to market conditions, allowed
for the optimisation of the financial management of both companies and formed part of the ordinary exercise of the operating activities
and the related financial management of Juventus. Accordingly, the Committee and the Board of Directors deemed that the transaction
came under the cases of exclusion established by the Consob Regulation, adopted by resolution 17221 of 12 March 2010, containing
provisions on Transactions with Related Parties, and the related Procedure adopted by Juventus.
DEVELOPMENT PROJECT FOR THE JUVENTUS TRAINING CENTER IN VINOVO
For the reorganisation project for the Juventus Training Center in Vinovo (“JTC”), which started two years ago with the construction of
Juventus College and will continue with the move of the First Team to the new training centre which is to be built in the Continassa
area, in December 2014 Juventus completed the purchase from Campi di Vinovo S.p.A. of some land adjacent to the JTC which is
planned to be entirely dedicated to the youth categories.
The land in question, with a buildable area of approximately 22,900 square metres and a Gross Floor Area for tertiary companies
totalling 11,830 square metres, allows the Company to have new areas to use in the future for expansion of the JTC and/or other
connected activities.
Payment for the purchase of the land (which will be delivered completely urbanised and including the relative building permits) has
been set at € 10.8 million. This investment did not involve any cash outlays since the payments due to Campi di Vinovo have been
aligned with the collection of the receivables still owed to Juventus by the company.
RECEIVABLES DUE FROM FINANZIARIA GILARDI S.P.A. AND CAMPI DI VINOVO S.P.A.
In September and December 2014 instalments were regularly collected totalling € 10.7 million provided by the repayment plan granted
to the counterparties in the Framework Agreement of April 2014.
Therefore, the remaining receivable now stands at € 1.6 million, expiring on 31 July 2016 and is secured by a guarantee from a leading
bank.
47
J MEDICAL
On 8 January 2015, Juventus set up the company J Medical S.r.l. that will be managing an outpatient care, diagnostic, physiotherapy
and sports medicine clinic in the Eastern section at the Juventus Stadium. This structure, open to the public, will manage the care and
prevention needs of all Juventus teams and aims to become a benchmark clinic for sporting professionals and amateurs.
As a partner in the initiative, Juventus chose the Santa Clara Group, which already manages several clinics and diagnostic centres in
Piedmont and is also active in the field of Workplace Health and Safety, Environment and Education. On 3 February 2015, Juventus sold
a 50% stake in J Medical for a total of € 1.755 million and a profit of € 1.75 million.
In April, the renovation works of the area (about 3,500 square metres) adjacent to the Juventus Museum, which Juventus will lease to
J Medical for its business, began. The centre is due to open to the public by January 2016.
DIRECT MANAGEMENT OF LICENSING, MERCHANDISING AND SOCCER SCHOOL
On 31 March 2015 Juventus notified Adidas, in accordance with the agreements signed on 23 October 2013, of its decision to directly
manage the licensing and merchandising activities as of 1 July 2015.
As a consequence, Juventus initiated the necessary internal projects at organizational and management level, including the
implementation of a new information system able to oversee these new activities.
On 1 July 2015 the shops in Via Garibaldi in Turin and the Megastore at the Area 12 shopping centre, next to the Juventus Stadium,
were reopened, following a complete renovation in cooperation with the new sponsor Adidas.
On 30 June 2015, operations, existing contracts and personnel of Juventus Merchandising (a company belonging to the Nike Group)
were transferred to Juventus, in conjunction with the sale of the relative business unit. The internal structure entrusted with licensing,
retail and soccer school activities includes 35 resources.
MUTU/CHELSEA FC PROCEEDING
On 1 October 2014, the hearing was held at the Tribunal Arbitral du Sport (TAS) on the Mutu/Chelsea FC proceeding.
On 21 January 2015, the TAS notified the parties of the arbitration award on the dispute, which rejected in full the claims made by
Chelsea FC and ordered it to pay court costs. This decision has no effect on the financial statements of Juventus, as the Company,
fully aware of its position, had decided not to allocate any risk provisions for pending litigation. The proceeding has been definitively
completed.
ORDINARY SHAREHOLDERS’ MEETING OF 24 OCTOBER 2014
The Shareholders’ Meeting held on 24 October 2014 approved the financial statements at 30 June 2014. The loss of € 6.7 million was
covered through the use of the share premium reserve and, as a result, no dividends were approved.
The Shareholders’ Meeting also approved the Remuneration Report pursuant to Article 123-ter of Italian Legislative Decree 58/98.
48
REVIEW OF THE RESULTS FOR THE 2014/2015 FINANCIAL
STATEMENTS
NET INCOME/(LOSS) FOR YEAR
The year 2014/2015 was positively influenced by the excellent sports results achieved by the First Team which greatly contributed to
the return to a profit after six years.
Profit for 2014/2015 totals € 2.3 million and shows a positive change of € 9 million compared to the loss of € 6.7 million last year.
This change is the result of increases of recurring revenues for € 32.4 million (+10.3% compared to the previous year) and nonrecurring revenues for € 1.8 million, partly offset by increases in players’ wages and technical staff costs for € 11 million (+6.5% versus
2013/2014) and cost for other personnel of € 3.4 million, amortisation on players’ registration rights for € 7 million and expenses from
players’ registration rights for € 3.3 million, as well as other negative net changes for € 0.5 million. The latter mainly include higher
income taxes (€ 1.7 million) partly compensated by lower other operating costs (€ 0.4 million) and lower provisions (€ 0.8 million).
OPERATING INCOME AND INCOME BEFORE TAXES
The improvement in the income statement is even clearer at the level of the operating income, which rose from a profit of € 8.8 million
to a profit of € 19.3 million (€ +10.5 million).
Income before taxes also improved, increasing from a profit of € 0.1 million to a profit of € 10.8 million in the 2014/2015 financial year
(€ +10.7 million). IRAP tax had a harsh negative effect (€ 8 million in the 2014/2015 financial year, equal to 74% of the income before
taxes and € 7.2 million in the previous year), sharply penalising companies with high personnel costs (which cannot be deducted for
the purposes of this tax), giving rise to taxation not correlated with the actual overall income performance of such companies.
REVENUES
Revenues for 2014/2015 totalled € 348.2 million, with an increase of 10.3% compared to the € 315.8 million in the previous year,
and are represented by:
%
Change
194.7 55.9%
151.0 47.8%
43.7
Revenues from sponsorship and advertising
53.8 15.5%
60.3 19.1%
(6.5)
Ticket sales
51.4 14.8%
41.0 13.0%
10.4
Other revenues
24.8
7.1%
27.1
8.6%
(2.3)
23.5
6.7%
36.4 11.5%
(12.9)
Amounts in millions of euro
Television and radio rights and media revenues
Revenues from players’ registration rights
Total
2014/2015
Financial Year
348.2
%
100%
2013/2014
Financial Year
315.8
100%
32.4
49
Television and radio rights
and media revenues
7.1%
6.7%
Revenues from sponsorship
and advertising
8.6%
11.5%
Ticket sales
14.8%
55.9%
Revenues from players’
registration rights
13.0%
47.8%
Other revenues
15.5%
19.1%
2014/2015
2013/2014
REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Television and radio rights and media revenues amounted to € 194.7 million in the 2014/2015 financial year (€ 151 million in the
2013/2014 financial year), and comprise:
Revenues from media rights
Revenues from UEFA competitions
Total
2014/2015
Financial Year
2013/2014
Financial Year
Change
106.1
100.9
5.2
88.6
50.1
38.5
194.7
151.0
43.7
Revenues from media rights for the year increased by € 5.2 million compared to the previous period, mainly due to higher revenues
from the distribution of audiovisual rights of the Championship for the 2014/2015 season.
Revenues from UEFA competitions amounted to € 88.6 million, recording an increase of +76.8% compared to the previous year, due
to the fact the team qualified for the final of UEFA Champions League 2014/2015 season. During the previous season of the UEFA
Europa League the First Team was stopped at the semi-finals.
REVENUES FROM SPONSORSHIP AND ADVERTISING
This item amounts to € 53.8 million, down € 6.5 million compared to the figure of € 60.3 million of the previous year, due to lower
revenues from sponsorships (€ -5.5 million), fewer revenues from royalties (€ -0.9 million) and other minor changes (€ -0.1 million).
TICKET SALES
These totalled € 51.4 million (€ 41 million in the previous year), an increase of € 10.4 million mainly due to the effect of higher revenues
from final matches (€ +5.8 million), higher ticket sales revenues for UEFA Champions League (€ +1.8 million), higher fees for friendly
matches (€ +1.5 million), Italian Cup (€ +0.7 million), season passes (€ +0.5 million) and Championship matches (€ +0.4 million).
These increases were partly offset by lower revenues for additional match services (€ -0.3 thousand).
OTHER REVENUES
This item amounted to € 24.8 million (€ 27.1 million in the previous year) and mainly included income from the Juventus Museum and
the “Membership” and “Stadium Tour” initiatives, as well as income from the television production of matches, from non-sporting
activities carried out at the Juventus Stadium, and insurance payments and income from commercial initiatives from the Lega Nazionale
Professionisti Serie A.
50
REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Revenues from players’ registration rights amounted to € 23.5 million, down by € 12.9 million compared to the figure of € 36.4 million
in the previous year. This was mainly due to lower gains from definitive disposals of players’ registration rights (€ -14.8 million), net of
higher revenues from temporary disposal of footballers (€ +1.8 million) and other minor changes (+0.1 million).
OPERATING COSTS
Operating costs for 2014/2015 totalled € 263.8 million, showing an increase of 7% compared to the € 246.6 million of the previous
year, and are composed of:
%
Change
178.8 67.8%
167.9 68.1%
10.9
External services
45.9 17.4%
48.0 19.5%
(2.1)
Other personnel
19.6
7.4%
16.2
6.6%
3.4
Other expenses
9.3
3.5%
7.2
2.9%
2.1
Expenses from players’ registration rights
7.1
2.7%
3.8
1.5%
3.3
Purchase of materials, supplies and other consumables
3.1
1.2%
3.5
1.4%
(0.4)
263.8
100%
246.6
100%
17.2
2014/2015
Financial Year
Players’ wages and technical staff costs
Total
1.2%
3.5%
7.4%
%
2.9% 1.4%
Players’ wages
and technical staff costs
6.6%
External services
2.7%
Other personnel
17.4%
2013/2014
Financial Year
1.5%
19.5%
Other expenses
67.8%
68.1%
Expenses from players’
registration rights
Purchase of materials,
supplies and other
consumables
2014/2015
2013/2014
PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Players’ wages and technical staff costs amounted to € 178.8 million and showed an increase of € 10.9 million on the figure of
€ 167.9 million for the previous financial year, mainly due to higher fixed remuneration (€ +7.2 million), payments for leaving incentives
to permanently transferred players (€ +2.9 million) and fees paid to temporarily transferred players (€ +1.2 million); these effects were
offset by lower variable remuneration (€ -0.4 million) and lower other expenses (€ -0.3 million).
OTHER PERSONNEL
Other personnel costs amounted to € 19.6 million and showed an increase of € 3.4 million on the figure of € 16.2 million for the
previous financial year, mainly due to higher fixed and variable remuneration for € 3 million (of which € 1.5 million related to the
stewarding service which, as of the 2014/2015 football season, is under the direct management of Juventus) and higher contributions
for € 0.5 million.
51
EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
Expenses from players’ registration rights amount to € 7.1 million ( € 3.8 million for the same period of the previous year). The increase
of € 3.3 million was mainly due to higher expenses for temporary acquisitions ( € +2.6 million) and auxiliary expenses for players’
registration rights ( € +0.6 million).
PLAYERS’ REGISTRATION RIGHTS
At 30 June 2015, players’ registration rights totalled € 114.2 million. The net decrease of € 5.7 million, compared to € 119.9 million
at 30 June 2014, was the result of investments (€ +74.6 million) and net disinvestments made (€ -22.4 million), amortisation and
depreciation for the year (€ -53.5 million) and write-downs of players’ registration rights (€ -4.4 million).
SHAREHOLDERS’ EQUITY
Shareholders’ equity at 30 June 2015 amounted to € 44.6 million, up compared to the balance of € 42.6 million at 30 June 2014 due
to the effect of the profit for the year (€ +2.3 million), changes in cash flow hedge reserves (€ +0.2 million) and actuarial gains/losses
reserves (€ -0.4 million), as well as other minor changes (€ -0.1 million).
At 30 June 2015, the fully paid-up share capital of Juventus amounted to € 8,182,133.28 and was made up of 1,007,766,660 no par
value ordinary shares.
NET FINANCIAL DEBT
At 30 June 2015 net financial debt amounted to € 188.9 million and showed a decrease of € 17.1 million compared to the € 206
million of 30 June 2014 determined by positive cash flow from operations (€ +55.9 million) partly offset by Transfer Campaign outlays
(€ -25.7 million net), advances paid to various suppliers in relation to the Continassa Project (€ -1.3 million), investments in other assets
(€ -4.7 million) and cash flow from financing activities (€ -7.1 million).
At 30 June 2015 the Company had revocable bank lines of credit for € 354.3 million, used for a total of € 164.2 million, of which
€ 60.1 thousand for guarantees issued in favour of third parties, € 13.3 million for loans, 0.3 million for overdrafts and € 90.5 million
for advances on contracts and trade receivables (for additional information see Note 55).
The breakdown of the current and non-current portion of net financial debt at the end of the last two financial years is shown
below.
30/06/2015
Financial assets*
Cash and cash equivalents
Total financial assets
Financial payables
- due to leasing companies
- due to the Istituto per il Credito Sportivo
- due to parent company EXOR S.p.A.
- due to factoring companies
- due to banks
Other financial liabilities
Total financial liabilities
Net financial debt
30/06/2014
Current
Noncurrent
Total
Current
Noncurrent
Total
3.1
3.1
4.1
4.1
4.1
3.1
7.2
1.6
1.6
4.1
4.1
4.1
1.6
5.7
(2.7)
(4.7)
(38.0)
(90.5)
(13.6)
(0.2)
149.7
(146.6)
(7.7)
(38.7)
(46.4)
(42.3)
(10.4)
(43.4)
(38.0)
(90.5)
(13.6)
(0.2)
(196.1)
(188.9)
(2.6)
(4.4)
(44.2)
(106.3)
(157.5)
(155.9)
(10.4)
(43.4)
(0.4)
(54.2)
(50.1)
(13.0)
(47.8)
(44.2)
(106.3)
(0.4)
(211.7)
(206.0)
* This item is included as it refers to cash deposits pledged in a current account as collateral on the Istituto per il Credito Sportivo loan, recognised under financial
payables.
For further details see the Statement of Cash Flows and the Notes (Note 52).
52
SIGNIFICANT EVENTS AFTER 30 JUNE 2015
FOOTBALL SEASON
In mid-July, the First Team started the 2015/2016 pre-season training at the Juventus Training Center in Vinovo (TO).
On 10 July 2015, the FIGC officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale Professionisti
Serie A, issued the National License for the football season under way.
On 8 August 2015, the First Team won the seventh Italian Super Cup in its history.
2015/2016 TRANSFER CAMPAIGN – FIRST PHASE
PURCHASES AND DISPOSALS OF PLAYERS’ REGISTRATION RIGHTS
The transactions finalised in the first phase of the 2015/2016 Transfer Campaign, held from 1 July to 31 August 2015, led to a total
increase in invested capital of € 114 million resulting from acquisitions and increases of € 134.2 million and disposals of € 20.2 million
(net book value of disposed rights).
The net capital gains generated by the disposals came to € 33.8 million.
The total net financial commitment, including auxiliary expenses and financial income and expenses implicit in deferred receipts and
payments, came to € 86.3 million, distributed as follows:
Expiration
Totals
2015/2016
2016/2017
2017/2018
2018/2019
(80.8)
(24.2)
(25.1)
(23.5)
(8.0)
8.1
17.1
(8.7)
(0.3)
-
Agents
(13.6)
(7.1)
(5.0)
(1.0)
(0.5)
Total
(86.3)
(14.2)
(38.8)
(24.8)
(8.5)
LNP and others
Foreign FC
In the course of the first phase of the 2015/2016 Transfer Campaign, the following main operations regarding players’ registration
rights were completed:
Amounts in thousands of euro
Player
Definitive acquisitions
Cerri Alberto
De Carvalho Viana Lima Anderson Hernanes
Dybala Paulo Exequiel
Khedira Sami
Lobo Silva Alex Sandro
Mandzukic Mario
Murara Neto Norberto
Pereyra Roberto Maximiliano
Tello Munoz Andes Felipe
Zappa Claudio
Zaza Simone
Counterparty clubs
- (a)
FC Internazionale
US città di Palermo
- (a)
Futebol Clube do Porto
Club Atletico Madrid
- (a)
Udinese Calcio
Evingado Futbol Club
US Sassuolo
US Sassuolo
Price
IFRS value of rights
(including expenses
and bonuses)
11,000
32,000
26,000
19,000
14,000
1,400
1,500
18,000
Other investments/increases
Total investments
(a)
(b)
(c)
(d)
Years of
contract
1,894
11,148 (b)
33,302 (c)
1,300
26,275
21,346 (d)
1,940
13,341
1,585
1,500
17,450
5
3
4
4
5
4
4
4
4
5
5
3,165
134,246
Player at termination of contract.
The acquisition price could increase by a maximum of € 2 million if certain sports goals are reached by 30 June 2018.
The acquisition price could increase by € 8 million if certain conditions occur during the contract.
The acquisition price could increase by another € 2 million (maximum) if certain sports goals are reached during the contract.
53
Player
Definitive disposals
Ogbonna Obinze Angelo
Llorente Torres Fernando
Sorensen Frederik
Tevez Carlos
Vidal Pardo Arturo Erasmo
Counterparty clubs
West Ham United
FC Kolin
Club Atletico Boca Juniors
FC Bayern Munchen
Other disinvestments
Total disinvestments (net)
(a)
(b)
Price
11,000
1,600
6,500
37,000
Price Net book Solidarity Capital
gains
present
value
subsidy
value
(capital losses)
10,655
1,600
6,232
36,217
8,698
- (a)
627
6,117 (b)
4,349
939
432
55,643 20,223
533 1,424
905
68
115
882 30,986
507
1,598 33,822
The contract termination, which occurred on 26 August 2015, resulted in the write-down of the entire remaining book value of the rights (€ 1,519 thousand) in the
2014/2015 Financial Year.
The disposal transaction, which took place on 13 July 2015 for a price of € 6,500 thousand led to the need to adjust the remaining book value of the rights to the
disposal price, with a consequent write-down of € 345 thousand recognised in the 2014/2015 Financial Year.
Player
Temporary disposals
Cerri Alberto
Coman Kingsley
De Ceglie Paolo
Tello Munoz Andres Felipe
Isla Isla Mauricio Anibal
Others
Temporary acquisitions
Cuadrado Bello Juan Guillermo
Lemina Mario
Vadala Guido Nahuel
Others
Counterparty clubs
Income/
(expense)
Cagliari Calcio
FC Bayern Munchen
Olympique Marseille
Cagliari Calcio
Olympique Marseille
Chelsea Footblall Club
Olympique Marseille
Net Income/(Expenses)
Exercise price in the
event of the exercise
of pre-emption rights
1,000
7,000 (a)
1,000
380
5,000
21,000
10,000 (b)
7,000
-
(1,500)
(3,351) (a)
(187)
9,500 (c)
9,428
4,342
(a) Two-year temporary operation.
(b) A “buy back” right is also included.
(c) The pre-emption right cost amounts to € 0.5 million.
Player
Pre-emption rights acquired
Bentancur Colman Rodrigo
Cristaldo Franco Sebastián
Cubas Adrián Andrés
54
Counterparty clubs
Pre-emption
right cost
Year end
Exercise price in the
event of the exercise
of pre-emption rights
1.000
1.000
1.000
20/04/17
20/04/17
20/04/17
9.428
8.171
6.914
RENEWAL OF PLAYERS’ CONTRACTS
During the first months of the 2015/2016 financial year players’ registration rights contracts with the following footballers were
renewed:
- Leonardo Bonucci (up to 30 June 2020);
- Claudio Marchisio (up to 30 June 2020);
- Daniele Rugani (up to 30 June 2020).
This resulted in lower amortisation for the 2015/2016 Financial Year by approximately € 1.3 million.
PLAYER’S CONTRACT RESOLUTION
In the month of July 2015, the contract of Andrea Pirlo expiring on 30 June 2016 was terminated by mutual consent, without economic
and financial effects.
BANK GUARANTEES
Guarantees for a total of € 63.7 million were issued for the first phase of the 2015/2016 Transfer Campaign.
2015/2016 SEASON TICKET CAMPAIGN
The Season Ticket Campaign for the 2015/2016 football season closed with the subscription of all the 28,000 available season passes,
for net revenues of € 21.6 million (€ 20.8 million in the previous season), including Premium Seats and additional services.
CONTINASSA PROJECT: START-UP OF THE J VILLAGE REAL ESTATE FUND
During the month of July Accademia SGR S.p.A., the asset management company controlled by Banca del Sempione S.A., started up
operation of the “J Village” Real Estate Fund for the redevelopment and upgrading project of most of the Continassa Area adjacent to
the Juventus Stadium, promoted by Juventus.
Specifically, Accademia SGR has handled collection of investment commitments of various subscribers for a total of € 53.8 million and
finalised a loan agreement in the first part of August with the lending institutions of the J Village Fund, UBI Banca S.c.p.A. and Unicredit
S.p.A., for a maximum of € 64.5 million.
Following these events the act of 30 June 2015 became effective whereby Juventus transferred the title on the long-term lease to the
J Village Fund for an area of approximately 148,700 square metres and the relative building permits for 34,830 square metres of Gross
Floor Area (GFA) for a total equivalent value of € 24.1 million, determined based on an estimate report drawn up by an independent
expert as per Ministerial Decree no. 30 of 5/3/2015. For this transfer, which generates net income of approximately € 10 million in the
2015/2016 financial year, Juventus received shares of the J Village Fund for the value of € 24.1 million.
The City of Turin has already issued the building permits for the infrastructure works, the International School, the Hotel, the new
Training and Media Center of Juventus’ First Team, which were requested in the past months.
Construction of Juventus’ new registered office and a building which will house commercial and innovative entertainment activities
(Concept Store) will complete the project.
Accademia SGR has entrusted Pessina Costruzioni S.p.A. with the construction of the new registered office, the Hotel, the International
School, the Concept Store and the infrastructure works; Costruzioni Generali Gilardi S.p.A. has been awarded the contract related to
the new Training and Media Center.
The job schedule calls for all of the works to be delivered by the beginning of summer 2017.
Juventus has maintained the ownership of the long-term lease on a residual area of approximately 27,300 square meters and building
permits on 3,170 square meters of GFA.
In addition, Juventus started the works for a project to secure the Cascina Continassa complex, as authorised by the Commission for
Artistic and Landscape Heritage of the Municipality and Province of Turin.
55
The activity will make it possible to achieve static security of recoverable parts, remove the large quantity of rubble and waste as well as
the dangerous parts, in indispensable safety conditions for the operators. The Cascina Continassa, which dates back to the beginning
of the 18th century has deteriorated rapidly over the past decades and is now in a terrible state of preservation.
When the works are completed, it will be possible to evaluate a sustainable use for the complex together with the City of Turin and
the Commission.
56
BUSINESS OUTLOOK
During the first phase of the Transfer Campaign of the 2015/2016 financial year, the Company earmarked significant resources to ensure an
adequate technical and generational turnover of the First Team’s bench and keep talented players on staff.
As a consequence, the result, currently expected to be a loss, will be influenced by increases in costs relating to sports management and the
changes, also with respect to future revenues, that will derive from the sporting results actually achieved in Italy and Europe.
The Company’s goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.
57
HUMAN RESOURCES AND ORGANISATION
The qualification for the UEFA Champions League final; winning the fourth consecutive League Title, the Italian Cup and the Italian Super
Cup; the new record in turnover and a return to profit after six years; the positive trend of our brand, also at the international level; and
constantly achieving the highest level of attendance at our stadium, make the 2014/2015 season one of the most successful for Juventus
and its fans.
These outstanding achievements are the result of a meticulous daily work, always carried out in search of excellence, where individual
specialization and effective cooperation at all levels represent a solid foundation for business management.
Juventus is also constantly at the forefront in the use of the main social networks in order to encourage regular contact and the full
engagement of fans around the world: Facebook, Twitter, Youtube, Google+, LinkedIn and, for China, Sina Weibo.
Among these, LinkedIn represents this year’s break-through for the Human Resources Department. Through the sections Home and Career,
Juventus decided to extend its digital presence in the world of work: a “digital store-front” to boost its visibility, connect the company with
external professionals, build relationships with reference targets and retain its audience.
The growth occurred in recent seasons has been accompanied by a gradual increase in personnel: the 2014/2015 football season showed
a further increase in total staff, going from 668 to 698 units, up 5% over the previous year.
Professional
players
51
51
332
Non professional
players
Other outsourcers
Technical staff
331
56
58
76
81
153
Scouts
177
668
Total
698
Figures at 30 June 2014
58
Employees and temporary workers at 30 June 2015 recorded the most significant increase, reaching a total of 177 resources, including
workers on staff leasing contracts (+15% on the previous year). Their breakdown is as follows:
17
Managers
18
97
Employees
113
21
Professional
players
Workers
26
6
7
Temporary
workers
12
13
In particular, the structures dedicated to project management have been strengthened, with the aim of conducting process analysis and
project management with standard methods formally recognized at the international level, with a view to finding solutions to minimize
risks and obtain a greater efficiency in the business processes.
In addition, a Department dedicated to Licensing and Retail was established, which includes 35 new resources with specialized
skills who manage sales activities that the Company has decided to internalize, in line with the strategies of the new Medium-Term
Development Plan.
Additional resources - previously on staff leasing contracts - were also employed for new projects.
The Sports Area showed an increase of 7% in Technical Staff, primarily due to the targeted inclusion of new professional profiles
with specific expertise in training methods and teaching. The number of professional and non professional players has remained
substantially unchanged.
Another significant change involved the activities of the Stadium Department, which as of the 2014/2015 season directly manages
the stewards and hostesses - namely those involved in the maintenance of order and security and the reception service during the
games - cashiers and car-park attendants.
During the home matches of the First Team, the management of the stadium and of all the related and ancillary activities requires a
large number of dedicated resources, who are selected, recruited and trained directly by the Company.
A key element in the direct management of these resources was the confirmation of Juventus’ role, by the Ministry of Interior, as the
Certifying body for training, underpinning the efforts made in the search for a high quality and professional service.
In substance, the Company can now directly proceed to the selection and recruitment of employees who, after passing a specific
psychological and behavioural test, have access to a full-time seven days course for the final insertion in the staff.
The organizational commitment during match days is considerable: up to 1,520 people, including Juventus staff and external suppliers,
work together at the same time.
The Human Resources Department has also revised and updated the “Regulations governing employment”, entered into force on 15 July
2015 as the “Labor Code”. This project aims at reviewing labour law operational rules, by implementing the new legislation under the
Jobs Act and regulating recent corporate developments, with a view to establishing a user-friendly and dynamic reference - for insiders
and others - for simple consultation.
59
The Company continues to focus on ongoing training for new-hires and managers on the specific areas of safety in the workplace and
environmental safety. In addition, in order to support the strategic choices that have been adopted and to align the skills of the resources
with the company’s strategic development plan, Juventus activated training courses aimed at the development of specialised expertise
and language skills.
A significant role in the training activities is also played by the Juventus College - a unique project in Italy - which combines a High School
of Applied Science and a Sports High School, recognized by the Ministry of Education, University and Research.
The educational activities, headed by the International School of Europe (ISE) - a leader in international education - in Italy, aims at
combining sports activities with the schooling of young athletes, raising young people according to principles inspired by work ethics,
education and healthy sport competition.
60
OTHER INFORMATION
RESEARCH AND DEVELOPMENT
During the 2014/2015 financial year, Juventus continued some experimental research and development projects it had begun, and in
particular:
- development and implementation of the new “Training Check” methods, by acquiring, combining and using technical-sports,
scientific, medical and technological know-how and abilities for the constant improvement of sports performance;
- the study, definition and implementation of new IT solutions to increase the efficiency and competitive edge of the company, in
particular in managing the assets comprising players, human resources and relations with fans.
To develop these projects, in the 2014/2015 financial year, the Company incurred costs of approximately € 2 million.
As the research is ongoing and long-term, activities will continue during the 2015/2016 financial year.
ADDITIONAL INFORMATION PURSUANT TO ART. 2428 OF THE CIVIL CODE
It should be noted that the Company’s business is conducted at the Turin registered office, Corso Galileo Ferraris no. 32 and at the
following local premises:
- Juventus Training Center, via Stupinigi n. 182, Vinovo (Turin)
- Juventus Stadium and related Stores, Corso Gaetano Scirea no. 50 and 12/A, Turin
- Torino City Centre Store, Via Garibaldi n.4/E, Turin
- Stadium Mega Store, Strada Altessano n. 141, Turin
- ASD Chisola football ground, via Al Castello n. 3, Vinovo (Turin)
- Polisportiva Garino, via Sotti n. 22, Vinovo (Turin) – Frazione Garino
- Stadio Silvio Piola, Via Massaua n.5, Vercelli
- G. Pistoni sports field, Via Campo Sportivo n.7, Ivrea (Turin)
TRANSACTIONS WITH RELATED PARTIES
On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party transactions pursuant to article
4 of the “Regulation of related-party transactions” adopted by CONSOB with resolution no. 17221 of 12 March 2010, amendments
and additions thereto. The Procedure is available on the Company’s website (www.juventus.com).
As regards the 2014/2015 financial year, transactions between Juventus and the related parties identified according to international
accounting standard IAS 24 were conducted in observance of laws in force, on the basis of reciprocal economic benefits.
For the details of the transactions performed and the related statement of financial position and income statement see Note 57 of the
financial statements.
MANAGEMENT AND CO-ORDINATION ACTIVITY
Juventus is not subject to management and coordination activity pursuant to article 2497 of the Civil Code by the majority shareholder
EXOR S.p.A. since it does not intervene in the running of the Company and performs the role of shareholder by holding and managing
its controlling equity investment in the Company. There are no elements which indicate a de facto management and coordination
activity since, among other things, the Company has full and autonomous negotiating powers in relations with others and there is
no centralised cash pool scheme. In addition, the number and expertise of the Independent Directors are adequate in relation to the
dimensions of the Board of Directors and the activity performed by the Company and guarantee the managerial independence of the
Board in defining the general and operating strategic guidelines of Juventus.
Juventus does not exercise management and co-ordination activities for other companies.
61
PROPOSAL TO APPROVE THE FINANCIAL STATEMENTS AND
ALLOCATE PROFIT FOR THE YEAR
Dear Shareholders,
We invite you to approve the Financial Statements for the year ended 30 June 2015 and we propose to allocate the profit of € 2,298,263.28
as follows:
- 5% to the Legal reserve
Euro
114,913.16
-
10% to the Reserve pursuant to art. 26 of the By-laws for technical-sports
youth training and education schools;
-
to the Retained earnings reserve the remaining amount 229,826.33
1,953,523.79
PROFIT/(LOSS) FOR THE YEAR 2014/2015
2,298,263.28
Turin, 11 September 2015
On behalf of the Board of Directors
The Chairman
Andrea Agnelli
63
FINANCIAL STATEMENTS
AT 30/06/2015
Amounts in euro
Non-current assets
Other intangible assets
Intangible assets in progress
Land and buildings
Other tangible assets
Tangible assets in progress
Non-current financial assets
Deferred tax assets
Receivables due from football clubs for transfer campaigns
Other non-current assets
Total non-current assets
Current assets
Inventory
Trade receivables
Non-financial receivables from related parties
Other current assets
Total current assets
Advances paid
Non-current advances
Current advances
Advances paid, total
Assets held for sale
Total assets held for sale
Total assets
66
Note
30/06/2015
30/06/2014
Change
8
9
10
11
12
13
14
15
16
17
114,235,445
31,118,063
1,169,157
134,056,117
25,433,871
1,747,418
4,100,000
5,269,231
31,649,348
4,244,740
353,023,390
119,898,751
30,784,511
19,710
126,033,479
29,430,552
2,432,639
4,100,000
5,544,837
29,722,973
4,229,174
352,196,626
(5,663,306)
333,552
1,149,447
8,022,638
(3,996,681)
(685,221)
(275,606)
1,926,375
15,566
826,764
18
19
57
16
17
20
1,326,539
31,564,078
492,399
48,104,690
5,207,389
3,126,754
89,821,849
25,597,875
6,718,170
68,042,398
12,680,756
1,586,969
114,626,168
1,326,539
5,966,203
(6,225,771)
(19,937,708)
(7,473,367)
1,539,785
(24,804,319)
13,349,271
6,012,598
19,361,869
12,061,231
12,061,231
474,268,339
24,042,232
5,056,205
29,098,437
495,921,231
(10,692,961)
956,393
(9,736,568)
12,061,231
12,061,231
(21,652,892)
21
22
Amounts in euro
Shareholders’ Equity
Share capital
Share premium reserve
Cash flow hedge reserve
Actuarial gains/(losses) reserve
Profit/(loss) for the year
Shareholders’ equity
Non-current liabilities Provisions for employee benefits
Loans and other financial payables
Non-current financial liabilities
Payables due to football clubs for transfer campaigns
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities
Current liabilities Provisions for risks and charges
Current financial liabilities
Trade payables
Non-financial payables due to related parties
Other current liabilities
Total current liabilities
Advances received
Non-current advances
Current advances
Advances received, total
Total liabilities
Note
30/06/2015
30/06/2014
Change
23
8,182,133
34,382,673
(217,625)
2,298,263
44,645,444
8,182,133
41,129,673
(452,207)
441,331
(6,674,430)
42,626,500
(6,747,000)
234,582
(441,331)
8,972,693
2,018,944
24
25
29
26
27
28
156,480
46,399,770
26,056,257
5,896,535
2,757,815
81,266,857
5,894,559
53,696,763
452,207
28,608,212
5,582,904
1,684,368
95,919,013
(5,738,079)
(7,296,993)
(452,207)
(2,551,955)
313,631
1,073,447
(14,652,156)
30
25
29
31
57
26
28
354,125
149,501,032
228,043
20,129,717
2,468,435
67,583,202
57,232,964
297,497,518
1,158,413
157,557,661
10,957
14,429,244
983,362
75,218,142
55,778,562
305,136,341
(804,288)
(8,056,629)
217,086
5,700,473
1,485,073
(7,634,940)
1,454,402
(7,638,823)
35,543,005
15,315,515
50,858,520
474,268,339
39,614,829
12,624,548
52,239,377
495,921,231
(4,071,824)
2,690,967
(1,380,857)
(21,652,892)
32
FINANCIAL STATEMENTS - ANNUAL FINANCIAL REPORT - 30 06 15
67
INCOME STATEMENT
Note
Amounts in euro
Ticket sales
Revenues from sponsorship and advertising
Other revenues
Total revenues
Purchase of materials, supplies and other consumables
External services
Other personnel
Other expenses
Total operating costs
Amortisation and write-downs of players’ registration rights
Depreciation/amortisation of other tangible and intangible assets
Provisions and other write-downs/reverses and releases
Other non-recurring revenues and costs
Operating income
Financial income
Financial expenses
Income/(Loss) before taxes
Current taxes
Deferred taxes
Profit/(Loss) for the year
Basic and diluted earning/(Loss) per share
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
50
51
2014/2015
Financial Year
2013/2014
Financial Year
Change
51,368,524
40,996,209 10,372,315
194,710,818 150,965,077 43,745,741
53,755,276
60,299,760 (6,544,484)
23,527,518
36,431,526 (12,904,008)
24,831,749
27,090,529 (2,258,780)
348,193,885 315,783,101 32,410,784
(3,103,221)
(3,471,449)
368,228
(45,888,195) (47,960,673)
2,072,478
(178,839,411) (167,886,939) (10,952,472)
(19,590,646) (16,203,836) (3,386,810)
(7,090,063)
(3,830,440) (3,259,623)
(9,343,474)
(7,259,174) (2,084,300)
(263,855,010) (246,612,511) (17,242,499)
(57,874,089) (50,845,719) (7,028,370)
(8,476,726)
(8,216,286)
(260,440)
(434,553)
(1,262,567)
828,014
1,750,000
1,750,000
19,303,507
8,846,018 10,457,489
2,365,061
3,131,807
(766,746)
(10,860,663) (11,831,360)
970,697
10,807,905
146,465 10,661,440
(7,992,976)
(7,204,720)
(788,256)
(516,666)
383,825
(900,491)
2,298,263
(6,674,430)
8,972,693
0.002
(0.007)
0.009
STATEMENT OF COMPREHENSIVE INCOME
2014/2015
Financial Year
Amounts in euro
Profit/(Loss) for the year (A)
Other income (loss) recorded in cash flow hedge reserve
Tax effect related to total other Income (Loss) that will subsequently
be reclassified in the income statement
Total Other Income (Loss) that will subsequently be reclassified
in the income statement net of the tax effect (B1)
Other Income (Loss) entered in the actuarial gains (losses) reserve
Tax effect related to total other Income (Loss) that will not subsequently
be reclassified in the income statement
Total Other Income (Loss) that will not subsequently
be reclassified in the income statement net
of the tax effect (B2)
2013/2014
Financial Year
Change
2,298,263
(6,674,430)
8,972,693
234,582
178,853
55,729
-
-
-
234,582
178,853
55,729
(441,331)
563,632
(1,004,963)
-
-
-
(441,331)
563,632
(1,004,963)
Total Other Income/(Loss), net of the tax effect (B)= (B1)+(B2)
(206,749)
742,485
(949,234)
Total profit/(Loss) (A+B)
2,091,514
(5,931,945)
8,023,459
69
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Amounts in euro
Balance at 30/06/2013
Share
premium
reserve
8,182,133 57,112,892
Legal
reserve
Cash flow
Actuarial
hedge gains/(losses)
reserve
reserves
- (631,060)
(122,301) (15,910,649) 48,631,015
- (15,910,649)
-
Deferred taxes claimed on 2011 new capital
issue costs
-
(72,570)
-
-
-
-
(72,570)
Total loss for the year
-
-
-
178,853
563,632
(6,674,430)
(5,931,945)
- (452,207)
441,331
-
-
8,182,133 41,129,673
-
Profit (loss) Shareholders’
for the
Equity
period
Coverage of loss for the previous financial year
-
15,910,649
-
(6,674,430) 42,626,500
Coverage of loss for the previous financial year
-
(6,674,430)
-
Deferred taxes claimed on 2011 new capital
issue costs
-
(72,570)
-
-
-
-
(72,570)
Total loss for the year
-
-
-
234,582
(441,331)
2,298,263
2,091,514
- (217,625)
-
For additional information see the Notes (Note 23).
70
Share
capital
8,182,133 34,382,673
6,674,430
-
2,298,263 44,645,444
STATEMENT OF CASH FLOWS
Note
Amounts in euro
Income/(loss) before taxes
2014/2015
Financial Year
2013/2014
Financial Year
10,807,905
146,465
66,350,816
59,062,005
Elimination of costs and income not effecting cash and not connected
with operations:
- amortisation, depreciation and write-downs
44 e 45
- other write-backs and releases
(434,088)
-
- employee benefit liability and other provisions
1,801,662
1,900,548
- Long Term Incentive Plan provision
- gains on disposal of players’ registration rights
36
- gains on disposal of other fixed assets
-
2,181,035
(20,638,891)
(35,417,119)
(24,677)
(24,677)
- losses on disposal of players’ registration rights
42
379,540
120,487
- other non-recurring revenues and costs
47
(1,750,000)
-
- financial income
48
(2,365,062)
(3,131,807)
- financial expenses
49
10,860,663
11,831,360
(1,481,485)
(13,150,224)
Change in trade receivables and other non-financial activities
9,281,057
5,861,371
Income taxes paid
(8,352,792)
(8,074,528)
Utilisation of employee benefit liability and other provisions
(8,507,753)
(1,167,134)
Net cash from (used in) operating activities
55,926,895
20,137,782
(74,622,171)
(83,041,590)
Change in trade payables and other non-financial liabilities
Investments in players’ registration rights
8
(13,458,953)
1,361,549
42,153,210
66,815,367
(Increase) decrease of receivables related to players’ registration rights
20,200,175
(31,214,656)
Investments in other fixed assets
(4,661,907)
(6,785,202)
Advances paid for the Continassa Project
(1,327,235)
(5,518,674)
1,444
25,129
35,408
17,082
Increase (decrease) of payables related to players’ registration rights
Disposals of players’ registration rights
Disposals of other fixed assets
Interest income
48
Net cash from (used in) investing activities
(31,680,029)
(58,340,995)
New short-term loans
10,000,000
1,342,117
Repayment of medium-long term loans
(4,436,524)
(4,248,282)
Repayment of short-term loans
(1,741,313)
-
Finance lease repayments
(2,583,207)
(2,460,410)
Interest on medium-long term loans
(2,046,474)
(2,234,717)
(53,655)
-
Interest on short-term loans
Interest on finance lease
Other interest expenses
(243,305)
(258,098)
(4,567,931)
(4,784,079)
(437,545)
(428,858)
Net cash from (used in) financing activities
(6,109,954)
(13,072,327)
Net cash from (used in) the year
18,136,911
(51,275,540)
Balances at the beginning of the year
20 e 25 (148,896,277)
(97,620,737)
Balances at year end
20 e 25 (130,759,366) (148,896,277)
18,136,911 (51,275,540)
Other movements related to financing activities
Changes in cash and bank overdrafts:
Changes in cash and bank overdrafts
Components of cash:
3,126,754
20
Bank overdrafts
25 (133,886,120) (150,483,246)
(130,759,366) (148,896,277)
Cash and cash equivalents at year end
1,586,969
71
NOTES
1. GENERAL INFORMATION ON THE COMPANY
Juventus Football Club S.p.A. (hereafter Juventus) is a legal entity organised according to the law of the Italian Republic.
The Company’s headquarters are in Corso Galileo Ferraris no. 32, Turin, Italy.
Juventus is a professional football club which, thanks to its more than century-long history, has become one of the most representative
and popular teams at a national and international level. The Company’s core business is participation in national and international
competitions and the organisation of matches. Its main sources of income come from the economic exploitation of sports events, the
Juventus brand and the first team image, the most significant of these include licensing of television and media rights, sponsorship and
selling of advertising space.
Juventus shares are listed on the electronic equity market of Borsa Italiana.
Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds 63.8% of the share capital.
EXOR S.p.A. is one of the main European investment firms and is controlled by Giovanni Agnelli e C. S.a.p.a.z.
5.0% of Juventus’ share capital is held by Lindsell Train Ltd. and the remaining 31.2% is a free float on the Stock Exchange.
The Company does not hold equity investments in subsidiaries and therefore, these financial statements refer to the single entity
Juventus Football Club S.p.A..
Additional information is reported in the “Company Profile” section of the Report on Operations.
2. STANDARDS USED FOR PREPARING THE FINANCIAL STATEMENTS AND MEASUREMENT POLICIES
These financial statements have been prepared in compliance with the international financial reporting standards (IFRS) issued by the
International Accounting Standards Board (IASB) and endorsed by the European Union. IFRS are understood to include international
accounting standards (IAS) still in force, as well as all the interpretative documents issued by the International Financial Reporting
Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC).
These financial statements at 30 June 2015 have also been prepared in accordance with CONSOB instructions, issued in Resolution
no. 15519, Resolution no. 15520 and Notification no. 6064293 of 28 July 2006, in implementation of Article 9, section 3, of Italian
Legislative Decree no. 38 of 28 February 2005, and Recommendation no. 10081191 of 1 October 2010 as regards the information to
report in the financial statements of football clubs listed on the stock markets.
3. FINANCIAL STATEMENT TABLES AND OTHER INFORMATION
The statement of financial position, which uses “current/non-current” to represent assets and liabilities, has been implemented in order
to separately indicate the significant advances received from customers and those paid to suppliers, thus better highlighting balances
from transactions with cash movements before actual accrual.
In the income statement the classification of revenues and costs by type has been used, giving priority to reporting information related
to economic effects connected to players’ registration rights, characteristic items of Juventus’ business. In addition to the profit or loss
for the year the statement of comprehensive income shows profit and loss recognised directly on this statement, and not on the income
statement.
The statement of changes in shareholders’ equity shows the amount of transactions with shareholders.
The statement of cash flows is prepared with the indirect method reconciling the balances of overdrawn bank accounts, net of cash and
cash equivalents (short term borrowing) at the beginning and end of the year. In order to determine cash flows from operating activities,
the income before taxes for the year are adjusted by the effects of non-monetary transactions, any deferral or allocation of previous or
future operating activity collection or payments and elements from investment or financing activities.
The date of closure of the financial year, which lasts 12 months, is 30 June of every year.
The Euro is the Company’s operating and presentation currency.
74
Amounts in the financial statement tables are shown in euro.
Unless otherwise indicated the figures in the Notes are shown in thousands of euro.
Where necessary, figures for the previous financial year have been reclassified so as to facilitate comparability with the year in question.
The significant events for 2014/2015 and significant events after 30 June 2015, as well as the business outlook are described in specific
paragraphs of the “Report on Operations”.
4. TRANSACTIONS WITH RELATED PARTIES, ATYPICAL AND/OR UNUSUAL TRANSACTIONS AND NON-RECURRING
SIGNIFICANT EVENTS AND TRANSACTIONS
The balances of the statement of financial position and income statement from transactions with related parties are reported separately
on the financial statement tables, if significant, and commented on in Note 57.
There are no significant non-recurring events or transactions. Furthermore, no atypical or unusual dealings were conducted in
2014/2015, requiring disclosure pursuant to CONSOB Notification No. 6064293 of 28 July 2006.
5. SIGNIFICANT ACCOUNTING PRINCIPLES
GENERAL PRINCIPLE
Juventus’ financial statements are prepared based on the principle of historical cost, except in cases, specifically described in the
following notes, where fair value has been applied as well as the assumption of a going concern.
GOING CONCERN
It is the assessment of the directors that, despite the difficult economic and financial context, there are no material uncertainties
(as defined in paragraph 25 of IAS 1) that cast doubt on the Company’s ability to continue as a going concern, also considering the
profit and financial forecasts of the 2015/2016 budget and Medium-Term Development Plan, and bank credit facilities available
(see Note 55).
Net financial debt in the 2014/2015 financial year remained at a high and no appreciable decline is expected for the coming year, in
particular as a result of investments made for the last Transfer Campaigns, which generally have cash flow statement effects spread
over several financial years. The Company will be able to cover these cash needs by drawing on the bank credit facilities already
available to it. If, hypothetically, a part of those facilities were to be withdrawn, Juventus would nevertheless be able to raise funding
through the disposal of players’ registration rights, without jeopardizing its continuation as a going concern.
The Company’s goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.
PLAYERS’ REGISTRATION RIGHTS
These are intangible assets with a defined useful life with duration equal to the players’ registrations rights contracts signed with
the players. Players’ registration rights are recognised at cost, including any auxiliary expenses and possibly discounted to take into
account payments spread over more than one year. In reference to the method of accounting for remuneration for services performed
for the Company by licensed third parties (FIFA agents), in keeping with sector regulations, for players’ registration rights acquisition
transactions, it should be noted that: in the absence of conditions precedent (for example the player remaining registered with the
Club) they are capitalised since they are auxiliary expenses for the definitive acquisition of the registration rights; they are instead
accounted for on a time to time basis in the income statement if conditional on the player remaining registered with the Club or refer to
services performed for the temporary acquisition or disposal (definitive or temporary) of the right. Remuneration for services performed
at the time of the renewal of the players’ registration rights contract are capitalised when not conditional on the player remaining
registered with the Club.
In terms of the assessments related to a going concern, the Directors also take into account any future financial effects which may
result from the occurrence of the conditions to which this remuneration is subject.
Players’ registration rights are amortised on a straight-line basis based on the duration of the contracts the Company has signed with
the individual football players. The original amortisation plan may be lengthened following an early renewal of the contract, starting
from the season when the renewal starts. For “registered young players” the amortisation of the cost is in five years on a straight-line
basis.
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Players’ registration rights are recognised as of the enforceability date stamped on the contracts by the Lega Nazionale Professionisti
Serie A, for national transfers, or the date of the International Transfer Certificate (ITC) issued by the Italian Football Federation, for
international transfers, which normally coincide with the beginning of the season.
Asset and liability player-sharing agreements have also been recognised in players’ registration rights (these are receivables and
payables for player-share agreements as per article 102 bis of the Internal Federal Organisation Regulations issued by the Italian
Football Federation). This instrument was repealed on 27 May 2014 Thus, since that date, it is no longer possible to acquire or dispose
of footballers under player-sharing agreements, and all player-sharing agreements have been concluded by 30 June 2015.
In the presence of indicators of impairment of the value of players’ registration rights (for example, particularly bad injuries, significant
capital losses resulting from disposals made after closing of the financial statements, as well as market and contractual conditions
which actually prevent the disposal of players no longer compatible with the technical programme), the remaining book value is written
down as an impairment loss.
OTHER INTANGIBLE ASSETS
Other intangible assets, acquired or internally produced, are recognised as assets, as per IAS 38 (“Intangible assets”) if they can
be controlled by the enterprise, it is likely that they will general future economic benefits and when their cost can be reliably
determined.
These assets are measured at purchase and/or production cost and, if they have a defined useful life, are amortised on a straightline basis for their entire estimated useful life and taking into account their estimated realisation value. They are written down if
impaired. Intangible assets with an indefinite useful life are not amortised, but they are tested for impairment annually or more
frequently if there is an indication that the asset may be impaired. If the impairment later reverses or reduces, the carrying amount
of the asset is written-back (with the exception of any goodwill) to the new estimate of the recoverable value, but this value cannot
exceed what the value would have been without impairment. Reinstatement of impairment is recognised in the income statement
when considered stable.
LAND, BUILDINGS AND OTHER TANGIBLE ASSETS
Tangible assets, including the real estate investment represented by the company-owned stadium, are recognised at purchase and/or
production cost adjusted by accumulated depreciation and any impairment. The cost includes all expenses directly incurred to prepare
the assets for use.
Costs incurred for routine maintenance and repairs are recognised in the income statement of the year they are incurred, or capitalised
if of an incremental nature. The capitalisation of costs related to the expansion, modernisation or improvement of company-owned or
leased structural elements is performed only to the limits that such elements meet the requirements for being separately classified as
assets or part of an asset.
The depreciation of tangible assets is calculated on a straight-line basis from the time the asset is available and ready for use and based
on its estimated useful life which, for the various assets categories, may be represented by the following rates:
Stadium2%
Buildings3%
Lightweight constructions
10%
Firefighting, heat and electrical systems
10%
Furniture and ordinary office machines
12%
Plumbing fixtures
12.5%
Sports equipment
15.5%
Specific technical systems
19%
Telephone switchboard
20%
Electromechanical and electronic office machines
20%
Vehicles25%
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The remaining value and useful life of tangible assets is reviewed annually and updated, where necessary at the end of each financial
year. The recognised values are periodically subject to impairment testing. If the impairment later reverses or reduces, the carrying
amount of the asset is reinstated to the new estimate of the recoverable value, but this value cannot exceed what the value would have
been without impairment. Reinstatement of impairment is recognised in the income statement when considered stable.
Capital gains and losses arising from the disposal of tangible assets are recognised in the income statement and determined by
comparing their net book value with their sales price.
LEASED ASSETS
Assets held through finance lease contracts where the risks and benefits related to ownership are substantially transferred to the
Company, are recognised as Company assets at their current value, or, if less, at the current value of the minimum payments due
for the lease, from the time they are available and ready for use. The corresponding liability due to the lessor is represented in the
financial statements under financial payables. The assets are depreciated applying the same policies and rates indicated for tangible
assets.
Leases where the lessor substantially maintains the risks and benefits related to ownership of the assets are classified as operating
leases. Costs for operating leases are recognised on a line-by-line basis in the income statement for the duration of the lease
contract.
The costs related to the long-term lease for the area of the stadium and the Continassa area were treated as similar to the concept of
“Long term operating lease” as envisaged in IAS 17, in its broadest sense, since the ownership of the asset will not be transferred at
the end of the lease contract and the duration of the contract does not cover most of the useful life of the land, which due to its nature
has an indefinite useful life. Based on this, the lease payment was recognised, determined on an accrual basis based on a long-term
lease contract totalling 99 years.
OTHER FINANCIAL ASSETS
Non-current financial assets may refer to loans and receivables which the Company does not hold for trading, securities held to maturity
and all other financial assets for which there is no available quotation in an active market and whose fair value cannot be reliably
determined.
Non-current financial assets are recognised initially at their fair value. Subsequently, assets with a set maturity are measured at their
amortised cost, determined using the effective interest rate method. Assets without a set maturity are measured at their purchase cost.
Receivables falling due beyond one year which are non-interest bearing or which accrue interest at a rate lower than the market rate
are discounted at market interest rates.
Where objective evidence of impairment exists, financial assets are written down to the discounted value of their estimated future cash
flows, and the impairment loss is recognised as a cost in the income statement for the year. If in future years the impairment loss is
found no longer to exist, the book value of the asset is written back to the amortised cost that would have been determined had no
impairment loss been recognised.
Unless otherwise indicated, the carrying amount approximates the fair value.
INVENTORY
Inventory included under current assets are valued at the lower of cost and net realisable value, in accordance with IAS 2, in order to
detect any impairment losses (due to damage, deterioration, obsolescence), as expenses in the Income Statement in the year in which
they are predictable, and not the year they will be realized following their sale.
Inventory costs, calculated using the FIFO method, include all purchase and other costs incurred to bring inventories in the shops in a
condition suitable for their sale.
TRADE AND OTHER RECEIVABLES
Trade and other receivables are initially recognised at their fair value. Subsequently, they are measured at their amortised cost,
determined using the effective interest rate method. Where objective evidence of impairment exists, the assets are written down to the
discounted value of their estimated future cash flows. An impairment loss is recognised in the income statement. If in future years the
impairment loss is found no longer to exist, the book value of the asset is written back to the amortised cost that would have been
determined had no impairment loss been recognised. Trade receivables are stated net of prepaid income arising from the advance
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billing of revenues accruing entirely in future years.
RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
Receivables due from football clubs are connected with the disposal of players’ registration rights. It is industry practice to set the
settlement terms for these transactions beyond one year. Based on this, the value of these receivables is discounted to the amount that
will be collected beyond the next twelve months.
TRANSFER OF FINANCIAL ASSETS
The Company eliminates financial assets from its financial statements when, and only when, contract rights to financial flows arising
from assets have expired and the Company transfers the financial asset. In the case financial assets are transferred:
− if the organisation substantially transfers all risks and benefits of ownership of the financial asset, the Company eliminates the
financial asset from the financial statements and separately recognizes any rights and obligations arising from or maintained with
the transfer as assets or liabilities;
− if the Company substantially maintains all risks and benefits of ownership of the financial assets, it continues to recognise the
financial asset;
− if the Company does not substantially transfer or maintain all risks and benefits of ownership of the financial asset, it determines
whether or not it has retained control of the financial asset. In this case:
− if the Company has maintained control, it eliminates the financial asset from its financial statements and separately recognises
any rights or obligations arising from or maintained with the transfer as assets or liabilities;
− if the Company has maintained control, it still recognises the financial asset as the remaining involvement in the financial asset.
When the financial asset is eliminated from the financial statements, the difference in the carrying amount of the assets and amounts
received or to receive for the transfer of the assets is recognised in the income statement.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents mainly include cash, demand deposits held at banks, and other short-term investments that can be liquidated
on demand with only negligible risk of affecting their value. Cash and cash equivalents are stated at their fair value, with any changes
in fair value recorded in the income statement.
ASSETS HELD FOR SALE
Assets are classified as held for sale if their book value will be recovered through a highly probable sales transaction. They are measured
at the lower of the book value and the fair value less selling costs.
PROVISIONS FOR RISKS AND CHARGES
Provisions for risks and charges are allocated to cover losses and liabilities of a determinate nature, whose existence is certain or
probable, but whose amount or timing is uncertain.
Provisions are recognised only when a present obligation (legal or implicit) exists as a result of a past event, and it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions represent the most reliable
discounted estimate of the amount required to settle the obligation. The discount rate used to determine the present value of a liability
reflects current market rates and assessment of the risk specific to each liability.
Based on application of IAS 37, paragraph 66, allocations to the provision for risks include expenses for remuneration contractually
due to FIGC registered and non-registered personnel no longer used on the technical programme or company organisation. This also
includes dismissed trainers and football players who are not part of the technical programme.
Risks which give rise to contingent liabilities are identified in a specific section in the Notes on commitments and risks. Provisions are
not allocated for such risks.
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EMPLOYEE BENEFITS
The Long Term Incentive Plan falls within the definition of other long-term employee benefits provided in paragraph 126 of IAS 19.
Accordingly, the liability for these other long-term benefits is measured, as required, by:
− the present value of the defined benefit obligation at the reporting date;
− less the fair value, at the reporting date, of plan assets (if any), beyond which obligations will have to be settled directly.
An actuarial technique, the projected unit credit method, was used to measure the value of the Plan. This method involves calculating
the present value of the defined benefit obligations and the related current service cost. It also considers each period of service as giving
rise to an additional unit of benefit entitlement, and measures each unit separately to calculate the final obligation.
The Company engaged the services of an accredited actuary for this purpose.
In 2007/2008 financial year, termination benefits payable to employees under Article 2120 of the Civil Code, and accounted for under
IAS 19, were adjusted to their statutory purchase value and paid to employees or, at their request, transferred to a pension fund on
the basis of a specific company agreement.
BONDS AND OTHER FINANCIAL LIABILITIES, TRADE AND OTHER PAYABLES
Bonds and other financial liabilities, current account overdrafts, trade payables and other payables are initially recognised at their fair
value. Subsequently, they are measured at their amortised cost, determined using the effective interest rate method.
PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
Payables due to football clubs are connected with acquisitions of players’ registration rights or the repurchase of 50% of the registration
rights of players transferred under the player-sharing agreements (balancing assets from player-sharing agreements made under Article
102-bis of NOIF). It is industry practice in the sector to set the settlement term for these transactions beyond one year. As such, the value
of these payables is discounted to the future amount that will be paid beyond the current year, on the assumption that the discounting
of instalments paid during the current year would be negligible.
DERIVATIVE INSTRUMENTS
Derivative financial instruments are initially recognised at their fair value at the date the relative contract is made and executed.
Subsequently, they are measured at their fair value at the end of the reporting period. Any resulting gains or losses are recognised
immediately in the income statement, unless the derivative instrument is a designated and effective hedging instrument (cash flow
hedge).
Derivatives are classified as non-current assets or liabilities when they mature more than twelve months beyond the reporting date, and
they are not expected to be realised or settled within twelve months. All other derivatives are classified as current assets or liabilities.
Hedge accounting is used for financial instruments only where the hedged item is formally documented and in line with Company risk
management objectives and strategies, and only where hedge effectiveness, measured periodically, is high. Where derivative financial
instruments qualify for hedge accounting, the following criteria is used:
− Fair value hedge: if a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a
recognised asset or liability that is attributable to a particular risk and could affect the income statement, the gain or loss from
remeasuring the hedging instrument at fair value is recognised in the income statement together with changes in the fair value of
the hedged item. Gains or losses from changes in the fair value of the hedging instrument are recognised in the income statement
line by line with the hedged item.
− Cash flow hedge: if a derivative financial instrument is designated as a hedge of the exposure to variability in cash flows of a
recognised asset or liability or a highly probable forecast transaction that could affect the income statement, the portion of the gain
or loss on the hedging instrument that is determined to be an effective hedge is recognised in shareholders’ equity. The accumulated
gain or loss is then reversed from shareholders’ equity and recognised in the income statement at the same time that the hedged
transaction is recognised. If a hedging instrument or a hedging relationship is discontinued though the hedge transaction has yet to
be realised, the accumulated gains and losses recognised up till that moment in shareholders’ equity are reclassified to the income
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statement when the effects of the hedged transaction on the income statement are recognised. If the hedged transaction is no
longer considered probable, the unrealised gain or loss pending in shareholders’ equity is immediately recognised in the income
statement.
Where the requirements of IAS 39 for hedge accounting are not satisfied, transactions, including those intended to hedge exposure to
risk, are classified and measured as held for trading. In this case, changes in fair value for the reporting period are recognised in the
income statement.
RECOGNITION OF REVENUES AND COSTS
Ticket sales, radio and television rights and media revenues are recognised when the relative match is played; season pass sales, if
collected at the end of the previous football season, are deferred and recognised in the income statement on an accrual basis when
each match is played.
Revenues from services (including sponsorships) are recognised progressively or upon full delivery of the service.
Revenues are recognised net of returns, discounts, rebates and premiums.
Capital gains and losses arising from the disposal of players’ registration rights are recognised as of the enforceability date stamped on
the contracts by the Lega Nazionale Professionisti Serie A, for national transfers, or as of the date stamped on the International Transfer
Certificate (ITC) issued by the Italian Football Federation, for international transfers.
Likewise, capital gains and losses arising from the termination of player-sharing agreements made under Art. 102-bis of the NOIF are
similarly recognised as of the enforceability date stamped on contracts by Lega Nazionale Professionisti Serie A, if they involve a change
in registration or, otherwise, on termination.
Financial income and expenses are recognised in the income statement on an accrual basis. With regard to national transfers, supervised
by Lega Nazionale Professionisti Serie A the current portion of financial income and expenses implicit in receivables and payables due
beyond twelve months is calculated by convention with reference to 30 November, a date considered sufficiently representative of the
payment extension granted/obtained.
Sports performance bonuses tied to team performance (such as qualification for European competitions) or to individual performance
(such as matches played, goals scored, assists, etc.) paid to footballers, trainers and technical staff, are recognised in the income
statement on an accrual basis, and thus when the performance objective was reached. All contingent liabilities connected with future
bonuses that may become payable to football players and technical staff are taken into consideration by the Directors when assessing
the Company’s ability to continue as a going concern.
TRANSLATION OF FOREIGN CURRENCY ITEMS
Transactions in foreign currency are translated into euro at the exchange rate in force on the transaction date. Foreign exchange gains
and losses arising from differences between the cash settlement of transactions and the translation at year-end exchange rates of
monetary assets and liabilities expressed in foreign currency are recognised in the income statement.
EARNINGS PER SHARE
(i)Basic
Basic earnings per share are calculated by dividing the Company’s net income by the weighted average number of ordinary shares
outstanding during the year, thus excluding treasury shares.
(ii)Diluted
Diluted earnings per share are calculated in the same way as basic earnings per share; except that the weighted average number of
outstanding shares is diluted by assuming that all potential shares will be converted, and the Company’s net income is adjusted to take
into account the effect of such a conversion, net of taxes.
TAXES
Taxes for the financial year are determined on the basis of tax laws and regulations in force.
Income taxes are recognised in the income statement, with the exception of taxes levied on items directly charged to shareholders’
equity, which are also recognised directly in shareholders’ equity.
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Where temporary differences arise between the book values of balance sheet items and taxable income, provisions for the temporarily
deferred tax owing on the temporarily different taxable income are reported in a specific liability provision. Deferred tax assets on tax
losses that can be carried forward, and on deductible temporary differences are recognised providing that forecast taxable income in
the future will enable the assets to be claimed and recovered.
Deferred tax assets and liabilities are determined using the tax rates that will be in force in the future years when the temporary
differences will be realised or settled. Deferred tax assets and liabilities are only offset where permitted by law.
Deferred tax assets and liabilities are shown separately from other receivables and payables due from/to tax authorities, as specific
items classified respectively as non-current assets and non-current liabilities.
Other taxes, that are not income taxes, such as property taxes, are shown as other operating expenses.
MAIN SOURCES OF UNCERTAINTY IN ESTIMATES USED IN THE FINANCIAL STATEMENTS
The preparation of financial statements and the Notes based on application of the IFRS requires that Directors use estimates and
assumptions that have an effect on assets and liabilities and on the disclosure of potential assets and liabilities at the reporting date.
The estimates and assumptions used are based on experience and other factors considered material. The final results may differ from
these estimates. The estimates and assumptions are reviewed periodically and the effects of every variation are reflected immediately
in the income statement or shareholders’ equity for the reporting period when the estimate was made.
The most significant financial statement items affected by uncertainty are players’ registration rights, deferred taxes, provisions for risks
and charges and the measurement of the Library Juventus (an intangible asset of indefinite life).
INFORMATION BY BUSINESS SEGMENT AND GEOGRAPHIC SEGMENT (“SEGMENT INFORMATION”)
In accordance with IFRS 8, we report that the Company’s primary business consists of participating in national and international football
competitions; as a consequence, the economic and financial components of the financial statements can be attributed essentially to this
type of activity. Furthermore, the Company’s predominant business is conducted in Italy.
6. MANAGEMENT OF FINANCIAL RISKS
The main financial risks connected with Juventus operations and business are summarised below:
CREDIT RISK
Juventus has adopted suitable procedures to minimise its exposure to credit risk. Specifically, receivables due from Italian football
clubs are secured through the clearing house system organised by Lega Nazionale Professionisti Serie A; Receivables due from foreign
football clubs are generally secured by bank guarantees or other guarantees issued by the counterparty clubs; Fees receivable under
contracts for television rights are indirectly secured by Lega Nazionale Professionisti Serie A through a minimum guarantee agreement
with the advisor Infront Italy S.r.l..
Unsecured trade receivables are monitored regularly and the Company also sets aside an allowance for doubtful accounts to manage
the risk of uncollectability.
INTEREST RATE RISK
The financial payables making up the Company’s net financial position at 30 June 2015 consist of current account overdrafts, including
payables to factoring companies for advances on business agreements, a finance lease held with UniCredit Leasing S.p.A. on the
“Juventus Training Center” (see Note 54) and loans taken out with Istituto per il Credito Sportivo to finance part of the construction
of the Juventus stadium.
A sensitivity analysis as per IFRS 7 to determine the effects of an unexpected and unfavourable change in interest rates on the
Company’s income statement and shareholders’ equity, is reported in the note related to “Loans and other financial payables” (see
Note 25).
DERIVATIVE FINANCIAL INSTRUMENTS
To hedge against the risk of fluctuations in interest rate, the Company has adopted a specific policy and undertaken hedging transactions
on the medium-long term loan by purchasing derivative financial instruments (see Note 29). These derivative instruments are classed
as Level 2 instruments under the hierarchy of IFRS 7. No transfers between hierarchy levels took place during the financial year ended
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30 June 2015. In accordance with IAS 39, derivative financial instruments are considered trading transactions, with the exception of
designated and effective hedging instruments. A sensitivity analysis as per IFRS 7 on the instruments is not considered necessary as any
change in interest rates would have little effect on their value.
EXCHANGE RATE RISK
Juventus conducts almost all its purchase and sales transactions in euro. As a result, it is not exposed in any significant way to the risk
of exchange rate fluctuations.
LIQUIDITY RISK
Liquidity risk is the risk that available cash flow may fall short of the obligations and liabilities falling due. The Company manages
liquidity risk by keeping the total amount of credit facilities in place with a number of premier banking institutions at a level sufficient
to prevent cash flow shortages from arising and ensure that operating and investment requirements are satisfied. For additional
information on bank credit facilities, see Note 55.
If unfavourable financial market conditions were to restrict the credit facilities available to Juventus and force the company to overdraw
its credit limits, the Company could find itself with cash flow shortages.
7. ADOPTION OF NEW ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED BY IASB
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLICABLE AT 1 JULY 2014
The following accounting standards were applied for the first time by Juventus starting from 1 July 2014.
IFRS 10 CONSOLIDATED FINANCIAL STATEMENTS, IAS 27 (2011) SEPARATE FINANCIAL STATEMENTS
IFRS 10 establishes a single control model that applies to all entities including special purpose entities. IFRS 10 replaces the portion
of IAS 27 Consolidated and Separate Financial Statements that addresses the accounting for Consolidated Financial Statements and
SIC-12 – Consolidation - Special Purposes Entities. IFRS 10 changes the definition of control, establishing that an investor controls
an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and at the same time has the
ability to affect those returns through its power over the investee. An investor must possess all of the following to be deemed to control
an investee: (a) power over the investee; (b) exposure, or rights, to variable returns from its involvement with the investee; and (c) the
ability to exert power over the investee to affect the amount of its returns.
IFRS 11 JOINT ARRANGEMENTS AND IAS 28 (2011) INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
IFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers,
and eliminates the option to account for jointly controlled entities using the proportional consolidation method. Jointly controlled
entities considered joint ventures must be accounted for using the equity method.
IFRS 12 DISCLOSURE OF INTERESTS IN OTHER ENTITIES
IFRS 12 establishes disclosure requirements for interests held by an entity in subsidiaries, joint ventures, associates and structured
entities. IFRS 12 requirements are more comprehensive than previous disclosures for subsidiaries. For example, in the case in which an
entity exercises control while holding less than a majority of voting rights.
INVESTMENT ENTITIES - AMENDMENTS TO IFRS 10, IFRS 12 AND IAS 27
These amendments provide for an exemption from consolidation for entities that meet the definition of investment entities provided
in IFRS 10 - Consolidated Financial Statements. This exemption from consolidation requires that investment entities measure their
subsidiaries at fair value through profit or loss.
OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES – AMENDMENTS TO IAS 32
These amendments, which apply retrospectively, clarify the meaning of “currently has a legally enforceable right to offset” and the
offsetting criteria for settlement systems (such as central clearing houses) which apply gross settlement mechanisms that are not
simultaneous.
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NOVATION OF DERIVATIVES AND CONTINUATION OF HEDGE ACCOUNTING – AMENDMENTS TO IAS 39
These amendments allow the continuation of hedge accounting when the novation of a hedging derivatives meets certain criteria.
These amendments must be applied retrospectively.
RECOVERABLE AMOUNT DISCLOSURES FOR NON-FINANCIAL ASSETS – AMENDMENTS TO IAS 36
These amendments remove the consequences introduced involuntarily by IFRS 13 on the disclosure required by IAS 36. In addition,
these amendments also require disclosures on the recoverable amount of assets or CGUs for which an impairment loss has been
recognized or reversed during the financial year.
IFRIC 21 LEVIES
IFRIC 21 clarifies that an entity recognizes a liability when the activity that triggers payment, as identified by the relevant legislation,
occurs. For payments due when a set threshold is reached, the liability is only recognized when that threshold is reached.
The Company adopted these changes retroactively as of 1 July 2014 and they had no effect in the 2014/2015 financial year.
The adoption of the 2011/2013 annual cycle of improvements did not have any impact on the annual financial report.
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET APPLICABLE AND NOT ADOPTED IN ADVANCE BY
JUVENTUS
IASB issued minor amendments to “IAS 19 - Benefits to Employees - Defined benefit plans: Contributions of employees” that simplify
the accounting treatment of the contributions to defined benefit plans by employees of third parties in specific cases. The amendments
are retrospectively applicable for years starting as of 01/01/2015.
In May 2014 the IASB issued several amendments to “IFRS 11 – Joint Arrangements: Recognition of acquisition of an interest in a joint
operation” to provide clarifications on the accounting recognition of acquisitions of interest in joint arrangements. The amendments
are retrospectively applicable for years starting as of 01/01/2016.
In May 2014, the IASB issued an amendment to “IAS 16 – Property, plant and equipment” and to “IAS 38 - Intangible assets”,
clarifying that the use of methods based on revenues to calculate the depreciation of an asset is not appropriate; these methods
may be accepted in specific, limited circumstances. The amendments are retrospectively applicable for years starting as of
01/01/2016.
In May 2014, the IASB issued “IFRS 15 - Revenue from contracts with customers”, which requires that revenues be recognised to
represent the transfer of goods or services to customers at an amount which reflects the expected consideration in exchange for
said products or services; the new revenue recognition model defines a five-step process, and requires significant use of estimates
and judgements; this new standard also applies to certain repurchase agreements and requires additional disclosures on the nature,
amount, timing and uncertainty of the revenues and the cash flows arising from a contract with a customer. The amendments are
retrospectively applicable for years starting as of 01/01/2017.
Annual Improvements 2012/2014 Cycle (effective from 01/01/2016): a series of amendments to the IFRS, in response to four issues
addressed during the 2012/2014 cycle. They largely relate to clarifications.
In July 2014 the IASB issued “IFRS 9 – Financial instruments”; The set of amendments made to the new standard includes the
introduction of a logical model for classifying and measuring financial instruments, a single framework for the impairment of
financial assets based on expected losses and a substantially reformed renewed approach to hedge accounting. The amendments are
retrospectively applicable for years starting as of 01/01/2018.
In August 2014, the IASB issued an amendment to “IAS 27 - Separate Financial Statements”. The amendment allows companies to use
the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. This
amendment will come into force as of 01/01/2016.
In September 2014, the IASB issued minor amendments to “IFRS 10 - Consolidated Financial Statements” and “IAS 28 - Investments
in associates and joint ventures (2011)” regarding an inconsistency recognized between the requirements of IFRS 10 and those of IAS
28 (2011), on the sale or transfer of assets between an investor and its associate or joint venture. If the object of the transaction is a
strategic asset then the profit or loss is recognized in full, whereas, if the object of the transaction is not a strategic asset, then the profit
or loss is recognized in part. These changes will prospectively come into force as of 01/01/2016.
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In December 2014, the IASB issued amendments to “IAS 1 - Presentation of Financial Statements” to improve the presentation and
disclosure of financial reports. The amendments clarify that the concept of materiality shall apply to the entire statements, and that
any immaterial information must be included if it limits the usefulness of the financial information. The amendments also clarify that
companies should ask for the opinion of an expert to determine where and in what order information should be presented in the
financial statements. The changes will be effective as of or after 01/01/2016.
The Company will adopt these new principles, amendments and interpretations, based on the date of application provided for, and,
following the approval by the European Union, it will assess any potential impacts.
8. PLAYERS’ REGISTRATION RIGHTS, NET
Details are as follows:
First Team
Other professional players
Registered young players
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Historical
Accumulated
cost at
amortisation
30/06/15 and depreciation
at 30/06/15
Remaining
book value at
30/06/15
225,424
154,484
70,940
83,412
41,877
41,535
3,220
1,460
1,760
312,056
197,821
114,235
Details on the First Team and Other professional players are reported below:
First Team
Asamoah Kwadwo
Barzagli Andrea
Bonucci Leonardo
Buffon Gianluigi
Caceres Silva Jose Martin
Chiellini Giorgio
Coman Kingsley Junior
De Ceglie Paolo
Evra Patrice Latyr
Lichtsteiner Stephan
Llorente Torres Fernando J.
Marchisio Claudio
Marrone Luca
Moedim Rubens Fernando
Morata Martin Alvaro Borja
Padoin Simone
Pepe Simone
Pirlo Andrea
Pogba Paul
Storari Marco
Sturaro Stefano
Tevez Carlos Alberto
First Team
Historical
Accumulated
Remaining
cost at
amortisation book value at
30/06/2015
at 30/06/2015
17,136
711
15,232
52,884
8,000
7,730
1,909
3,500
2,451
9,932
3,038
175
4,770
20,734
14,262
4,929
7,297
1,164
6,165
4,472
7,102
18,336
13,495
225,424
7,883
662
11,332
52,884
6,000
7,204
382
3,220
1,226
8,277
3,038
163
954
4,147
5,564
3,943
7,297
1,164
1,887
4,472
1,420
12,219
9,146
154,484
9,253
49
3,900
2,000
526
1,527
280
1,225
1,655
12
3,816
16,587
8,698
986
4,278
5,682
6,117
4,349
70,940
Contract
term
End of
contract
5 years
2 years
5 years
3 years
4 years
4 years
5 years
5 years
2 years
3 years
4 years
5 years
5 years
1 year
5 years
5 years
5 years
5 years
2 years
5 years
1 year
5 years
3 years
4 years
30/06/18
30/06/16
30/06/17
30/06/15
30/06/16
30/06/18
30/06/19
30/06/17
30/06/16
30/06/17
30/06/17
30/06/16
30/06/19
30/06/15
30/06/19
30/06/18
30/06/16
30/06/15
30/06/16
30/06/19
30/06/15
30/06/19
30/06/16
30/06/17
(a)
(b)
(a) Contract terminated in August 2015.
(b) Contract terminated in July 2015.
85
Anacoura Joyce Francesco (*)
Appelt Pires Gabriel (*)
Barlocco Luca (*)
Belfasti Nazzareno (*)
Beltrame Stefano (*)
Branescu Constantin Laurentiu (*)
Bouy Ouasim (*)
Brignoli Alberto (*)
Buchel Marcel (*)
Bunino Cristian (*)
Canizares Garcia-Loygorri Nicolas (*)
Cais Davide (*)
Cavion Michele (*)
Citti Leonardo (*)
Curti Nicolò (*)
Di Benedetto Marco (*)
Diagne Mbaye (*)
Djalo Taritolay (*)
Donis Anastasios (*)
Fiorillo Vincenzo (*)
Gallinetta Alberto (*)
Garcia Tena Pol (*)
Gerbaudo Matteo (*)
Hidalgo Garcia Nicolas (*)
Ilari Carlo (*)
Isla Isla Mauricio Anibal (*)
Josipovic Zoran (*)
Kabashi Elvis (*)
Leali Nicola (*)
Liviero Matteo (*)
Magnusson Hordur Bjorgvin (*)
Margiotta Francesco (*)
Marin Vladut Nicolae (*)
Martinez Jorge Andres (*)
Massaro Davide (*)
Mattiello Federico (*)
Nocchi Timothy (*)
Otin Lafuente Hector (*)
Padovan Stefano (*)
Pasquato Cristian (*)
Pellizzari Stefano (*)
Penna Filippo (*)
Pinsoglio Carlo (*)
Rosseti Valerio Lorenzo (*)
Rossi Fausto (*)
Rugani Daniele (*)
Schiavone Andrea (*)
Slivka Vykintas (*)
Sorensen Frederik Hillesborg (*)
Soumah Alhassane (*)
Spinazzola Leonardo (*)
Tavanti Christian (*)
Thiam Mame Baba (*)
Troisi James (*)
Untersee Joel (*)
Vannucchi Gianmarco (*)
Others
(*) temporarily transferred.
86
Historical
Accumulated
Remaining
cost at
amortisation book value at
30/06/2015
at 30/06/2015
762
2,215
2,171
703
1,448
1,200
450
2,075
1,644
1,791
261
2,342
1,118
25
637
507
113
1,007
427
1,933
1,722
575
49
1,945
585
13,724
493
721
4,397
183
990
119
300
11,792
630
10
77
513
153
2,266
1,728
31
756
350
1,677
3,904
310
836
165
436
84
2,150
1,244
463
23
5,182
83,412
449
1,616
501
176
161
133
393
231
969
199
261
523
657
13
610
429
75
336
254
644
844
489
16
648
515
7,099
480
353
2,126
153
248
80
120
11,055
126
9
67
411
76
756
967
23
252
70
1,397
897
152
209
55
259
57
458
622
382
12
1,764
41,877
313
599
1,670
527
1,287
1,067
57
1,844
675
1,592
1,819
461
12
27
78
38
671
173
1,289
878
86
33
1,297
70
6,625
13
368
2,271
30
742
39
180
737
504
1
10
102
77
1,510
761
8
504
280
280
3,007
158
627
110
177
27
1,692
622
81
11
3,418
41,535
Contract
term
End of
contract
5 years
3 years
5 years
4 years
5 years
5 years
2 years
5 years
5 years
5 years
3 years
5 years
5 years
3 years
3 years
3 years
3 years
3 years
4 years
5 years
5 years
2 years
4 years
3 years
2 years
5 years
2 years
4 years
5 years
2 years
4 years
3 years
5 years
2 years
3 years
5 years
3 years
2 years
5 years
5 years
3 years
2 years
3 years
5 years
4 years
5 years
3 years
4 years
4 years
3 years
4 years
3 years
5 years
2 years
4 years
3 years
30/06/17
30/06/17
30/06/18
30/06/18
30/06/19
30/06/19
30/06/16
30/06/19
30/06/17
30/06/19
30/06/15
30/06/18
30/06/17
30/06/16
30/06/17
30/06/16
30/06/16
30/06/17
30/06/18
30/06/18
30/06/17
30/06/16
30/06/17
30/06/17
30/06/16
30/06/17
30/06/16
30/06/17
30/06/19
30/06/16
30/06/18
30/06/16
30/06/18
30/06/16
30/06/17
30/06/19
30/06/17
30/06/16
30/06/17
30/06/17
30/06/16
30/06/16
30/06/17
30/06/19
30/06/16
30/06/19
30/06/17
30/06/17
30/06/18
30/06/17
30/06/18
30/06/16
30/06/18
30/06/16
30/06/17
30/06/16
The changes in the item as shown below:
Professionals
Player-sharing
agreement payable
Player-sharing
agreement
Registered
young
players
Total
270,644
21,163
6,536
1,804
300,147
(173,820)
(5,650)
-
(715)
(180,185)
(63)
-
-
-
(63)
96,761
15,513
6,536
1,089
119,899
Investments
72,732
-
1,707
74,622
Book value
Accumulated amortisation
Allowance for doubtful accounts
183 (a)
(46,192)
(10,860)
(5,445)
(216)
(62,713)
33,175
4,714
-
119
38,008
2,293
-
-
-
2,293
Disinvestments (net)
(10,724)
(6,146)
(5,445)
(97)
(22,412)
Amortisation
(51,352)
(1,519)
-
(653)
(53,524)
Write-downs
(4,094)
-
-
(256)
(4,350)
9,152
(8,031)
(1,091)
(30)
-
112,475
-
-
1,760
114,235
Book value
308,836
-
-
3,220
312,056
(194,497)
-
-
(1,204)
(195,701)
(1,864)
-
-
(256)
(2,120)
112,475
-
-
1,760
114,235
Disinvestments (gross)
Use of accumulated amortisation
Use of allowance for doubtful accounts
Reclassifications
Accumulated amortisation
(a) Increases for performance bonuses.
Please note that as of 27 May 2014 player-sharing agreements were abolished and that by 30 June 2015 all existing player-sharing
agreements were resolved.
87
Below is an illustration of the main transactions related to players’ registration rights during the period:
Player
Counterparty clubs
Definitive acquisitions
Ternana Calcio
Brignoli Alberto
FC Pro Vercelli 1892
Bunino Christian
Empoli FC
Cassata Francesco d’Assisi
Granada Club de Futbol
Djalo Taritolay Marcelo Amado
Manchester United FC
Evra Patrice Latyr
Hidalgo Garcia Nicolas
Real Madrid Club de Futbol
Genoa Cricket and FC
Sturaro Stefano
Termination of player-sharing agreements in favour of Juventus
Atalanta BC
Barlocco Luca
Belfasti Nazzareno
UC Sampdoria
Beltrame Stefano
Virtus Lanciano 1924
Branescu Constantin Laurentiu
Atalanta BC
Cais Davide
Parma FC
Gallinetta Alberto
US Città di Palermo
Lanini Eric
Spezia Calcio
Magnusson Hordur Bjorgvin
US Sassuolo
Marrone Luca
Udinese Calcio
Pasquato Cristian
Vicenza Calcio
Pinsoglio Carlo
Empoli FC Spa
Rugani Daniele
Bologna FC 1909
Sorensen Frederik Hillesborg
Atalanta BC
Troisi James
Altri investimenti/incrementi (e)
Other investments/increases (e)
(a)
(b)
(c)
(d)
(e)
88
Price
IFRS value of rights
(including expenses
and bonuses)
1,750
1,750
1,500
1,034
1,929 (b)
2,000
20,000 (c)
7,500 (d)
950
500
1,000
1,200
800
700
1,500
1,000
5,000
1,500
700
3,500
800
1,000
Years of
contract
2,075
1,791
1,500
1,909 (a)
1,007
2,451
1,945
20,734
7,102
5
5
3
5
3
2
3
5
5
930
521
1,000
1,200
783
700
1,500
953
4,760
2,235
700
3,321
766
1,000
3
4
4
5
3
3
3
4
5
3
3
5
4
2
13,739
74,622
Includes FIFA Training Compensation of € 310 thousand.
The price includes the increase by £ 300 thousand following Juventus qualification for the 2015/2016 UEFA Champions League.
The agreement contains an option right for Real Madrid, which may be exercised either at the end of the 2015/2016 football season or at the end of the 2016/2017
football season, for the definitive repurchase of the player’s registration rights at pre-set values, up to a maximum of € 30,000 thousand, based on the number of
matches that the footballer plays in the season when the right is exercised.
Amount that increased by € 2,000 thousand in January 2015 in relation to the payment to Genoa Cricket and FC of the performance bonus for the player in the
first six months of the season and the early termination of the temporary disposal contract. (a) The acquisition price could increase by an additional € 3,500
thousand if certain sports goals are reached during the contract, starting from the 2015/2016 football season (performance bonus).
Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for footballers acquired during the previous Transfer Campaigns.
Counterparty clubs
Player
Definitive disposals
Castiglia Luca
De Silvestro Elio
Elezaj Entonjo
Hromada Jakub
Mestre Francesco
Peluso Federico
Quagliarella Fabio
Rizzo Luigi
Santomauro Luca
Varga Atila
Vucinic Mirko
Termination of players’ contract agreements
Berardi Domenico
Boakye Richmond
Bianconi Niko
Ceria Edoardo
Emanuello Simone
Gabbiadini Manolo
Goldaniga Edoardo
Masi Alberto
Ruggiero Giuseppe
Russini Simone
Price
Virtus Lanciano 1924
UC Sampdoria
Empoli FC
US Sassuolo
Torino FC
Vicenza Calcio
Empoli FC
UC Sampdoria
Al Jazira Football Sports
US Sassuolo Calcio
Atalanta BC
Vicenza Calcio
Atalanta BC
Atalanta BC
SSC Napoli
Ternana Calcio
Ternana Calcio
Price Net book
present
value
value
Solidarity
subsidy
Capital
gains
(capital losses)
1,500
1,200
500
600
900
4,500
3,500
600
600
400
6,316
1,450
1,200
500
600
900
4,284
3,333
600
600
400
6,316
126
522
132
9
3,509
2,554
28
123
3,730
316
1,324
678
500
468
891
775
779
572
600
277
2,270
10,000
1,600
600
500
800
6,250
1,500
1,500
250
150
9,481
1,567
600
490
783
5,915
1,500
1,500
242
150
2,852
1,763
118
4,721
1,137
724
275
-
6,629
(196)
482
490
783
1,194
363
776
242
(125)
60
89
22,412
Other disinvestments
Total disinvestments (net)
(a)
(30)
1
317 19,742
(a) Following the termination of the player-sharing agreement a gain of € 518 thousand was released to the income statement which had been temporarily suspended
in the 2013/2014 financial year.
The net total financial effect, including capitalised auxiliary expenses and financial income and expenses implicit in deferred receipts
and payments, amounts to € 24,964 thousand, distributed as follows:
Expiration
LNP and others
Foreign FC
Agents
Total
Totals
2014/2015
2015/2016
2016/2017
2017/2018
2018/2019
(1,015)
(7,281)
(895)
1,098
3,563
2,500
(17,630)
626
(12,916)
(5,340)
-
-
(6,319)
(5,357)
(935)
(27)
-
-
(24,964)
(12,012)
(14,746)
(4,269)
3,563
2,500
The balance of players’ registration rights, totalling € 114,235 thousand, includes capitalisation of compensation to FIFA agents,
related to services provided for the Transfer Campaigns, for an outstanding amount of € 9,898 thousand (€ 8,977 thousand capitalised
during the year). The breakdown is shown below.
89
Auxiliary expenses for FIFA agents
Capitalised in
2014/2015
Remaining
book value at
30/06/2015
Audero Mulyadi Emil
Barzagli Andrea
Blanco Moreno Carlos
Bnou Marzouk Younes
Cavion Michele
Chiellini Giorgio
Donis Anastasios
Evra Patrice Latyr
Garcia Tena Pol
Josipovic Zoran
Kastanos Grigoris
Macek Roman
Magnusson Hordur
Marin Vladut
Marrone Luca
Otin Lafuente Hector
Pogba Paul Labile
Romagna Filippo
Rosseti Valerio Lorenzo
Roussos Almpertos
Sakor Vajebah
Slivka Vykintas
Troisi James
Untersee Joel
20
300
1,599
62
425
30
31
1,600
4,530
350
30
-
1
5
13
30
21
225
1,279
98
212
10
188
3
36
33
16
5
45
8
1,280
17
3,924
2
280
10
46
20
10
1,611
122
15
333
Auxiliary expenses for FIFA agents
8,977
9,898
Player
For additional details on players’ registration rights see the table required by FIGC regulations attached to these notes.
9. OTHER INTANGIBLE ASSETS
These mainly include user rights to the historical archive of television images of the Company (also known as the “Juventus Library”).
This is an intangible asset of indefinite life, in that the historical archive of television recordings will grow over time with the possibility
of endless use. This asset was initially recognised at purchase cost and is tested annually for impairment.
At 30 June 2015, the value of the Juventus Library was equal to € 29,850 thousand. This amount is significantly lower than the current
value of expected cash flows from commercial contracts that have been signed or are at an advanced stage of negotiations, most of
which have a term ending 30 June 2018, net of auxiliary costs expected to be incurred as a consequence of the contracts and terminal
value of the Juventus Library (discounted cash flow method). To discount expected cash flows, the Company uses the weighted average
cost of capital (WACC), net of the tax effect, annually updated based on the composition of financing sources and market interest
rates. Given the criteria used, it is believed that the Juventus Library value is recoverable by economically exploiting its rights. A WACC
of 4.2% was used, calculated considering an average medium-term borrowing cost of 5%, a free risk rate of 2%, a risk premium of
5.5% and a beta of 0.91.
The Company conducted a sensitivity analysis of the estimated recoverable value considering the WACC as the core parameter in
90
estimating fair value. This analysis showed that a 100 basis point increase in the discount rate would not cause an excess book value
of the Juventus Library in relation to its recoverable value, which is still significantly higher (65%).
In relation to the Juventus Library, the Company had also stipulated some commercial contracts in the past against which it has already
received advances for € 9,698 thousand, recognised under “Received advances”.
“Other intangible assets” mainly refer to trademarks, software and the photography archive.
The changes during the period in the item are as follows:
Juventus
Library
Other
intangible
assets
Total
29,850
4,815
34,665
-
(3,880)
(3,880)
29,850
935
30,785
Investments
-
842
842
Amortisation
-
(509)
(509)
29,850
1,268
31,118
Final book value
29,850
5,657
35,507
-
(4,389)
(4,389)
29,850
1,268
31,118
Initial book value
Initial accumulated amortisation
Final accumulated amortisation
Investments included in “Other intangible assets” mainly refer to the costs incurred for the implementation of software as well as
goodwill from the acquisition of the business unit from Juventus Merchandising S.r.l. (a wholly-owned company of the Nike Group, now
Piemonte Merchandising S.r.l.) which produced their effects on 30 June 2015 (for more detailed information please refer to the section
“Significant events in the 2014/2015 financial year” of the Report on Operations).
10. INTANGIBLE ASSETS IN PROGRESS
These amount to € 1,169 thousand and mainly consist of advances relating to the implementation of the new ERP system and the
new Juventus fans and customers data management system - the Fan Relationship Management (FRM) - in addition to the costs for
planning and designing the new website “Juventus.com”, operating from 1 July 2015.
11. LAND AND BUILDINGS
These assets refer to:
- the Vinovo Training Centre (Juventus Training Centre), currently the property of UniCredit Leasing S.p.A. and the object of a finance
lease. The related payable to the leasing company is reported under “Loans and other financial payables”;
- the new Juventus Stadium, which opened on 8 September 2011;
- the Juventus Museum, which opened on 16 May 2012.
91
Changes in the item are shown in the table below:
Land
Buildings
JTC
Land
adjacent to
the JTC
5,000
Juventus
Stadium and
Museum
Total
-
21,454 109,786
136,240
-
-
(4,117)
(10,206)
5,000
-
17,337 103,697 126,034
Investments
-
8,640
62
-
8,702
Reclassification of the item “Tangible assets in progress”
-
2,160
-
-
2,160
Amortisation
-
-
(644)
(2,196)
(2,840)
5,000
10,800
16,755 101,501 134,056
Final book value
5,000
10,800
21,516 109,786
147,102
-
-
(4,761)
(13,046)
5,000
10,800
Initial book value
JTC
(6,089)
(8,285)
16,755 101,501 134,056
The investment regarding the land adjacent to the training centre in Vinovo (JTC) refers to the figure of € 8,640 thousand paid to Campi
di Vinovo S.p.A. on 19 December 2014 following the signing of the sales agreement.
You are reminded that, on 14 April 2014, upon the signing the preliminary sales agreement for the land, the Company had paid an
advance of € 2,160 thousand (see Notes 13 and 17).
12. OTHER TANGIBLE ASSETS
The breakdown and changes in this item are shown in the table below:
Equipment
and
machinery
Industrial and
commercial
equipment
Other
assets
Total
33,192
2,802
10,884
46,878
(10,854)
(1,977)
(4,616)
(17,447)
22,338
825
6,268
29,431
Initial book value
Investments
423
187
523
1,133
(3,647)
(177)
(1,304)
(5,128)
-
-
(2)
(2)
19,114
835
5,485
25,434
Final book value
33,615
2,989
11,405
48,009
(14,501)
(2,154)
(5,920)
(22,575)
19,114
835
5,485
25,434
Amortisation
Disinvestments
The increase in the value of other tangible assets arises from investments made in the period, mainly for general plant and furniture
and common office machines.
92
13. TANGIBLE ASSETS IN PROGRESS
JTC
Land
adjacent to
the JTC
Juventus
Stadium and
Museum
Total
273
2,160
-
2,433
Investments
-
-
1,474
1,474
Reclassification to “Land adjacent to the JTC”
-
(2,160)
-
(2,160)
273
-
1,474
1,747
The investment related to the Juventus Stadium mainly relates to advances paid for the renovation of the premises of the Eastern section
that will host the J Medical multi-specialised medical centre (for more detailed information please refer to the section “Significant
events in the 2014/2015 financial year” of the Report on Operations).
The costs relating to the Juventus Training Center regard the investments under way for the larger project to reorganise the training
centre, which will continue after the First Team is moved to the new training centre which will be built in the Continassa area.
14. NON-CURRENT FINANCIAL ASSETS
These total € 4,100 thousand and refer to the balance of the bank account opened at Unicredit S.p.A. pledged as a guarantee on the
loan granted by Istituto per il Credito Sportivo.
15. DEFERRED TAX ASSETS
The balance of deferred tax assets amounts to € 5,269 thousand. The change compared to the balance of € 5,545 thousand at 30
June 2014 is as follows:
Share issue costs (to Shareholders’ Equity)
Long Term Incentive Plan
Emoluments paid to directors
Foreign exchange losses
Write-downs on players’ registration rights
Retained taxable losses
Deferred tax assets
Taxes
Taxable
income 30/06/2014
30/06/2014
528
5,895
13,740
20,163
145
1,621
3,779
5,545
Provisions
DrawTaxes
downs 30/06/2015
Taxable
income
30/06/2015
72
311
217
25
666
3,978
5,269
264
1,131
788
91
2,120
14,464
18,858
(73)
- (1,621)
311
217
25
666
199
1.418 (1,694)
Based on the forecasts by management, no problems are expected in recovering deferred tax assets. Furthermore, they amount to
€ 628 thousand less than deferred tax liabilities. Deferred tax assets allocated to tax losses carried forward account for 80% of the
amount of deferred tax liabilities allocated for the temporary difference in value for Juventus Library tax purposes. These taxes may
annul each other if statutory and fiscal values are realigned following disposal or impairment of the asset.
16. RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
These are receivables due from football clubs from the disposal of players; they are due within the next five financial years and are
almost all covered by a direct guarantee or through Lega Nazionale Professionisti Serie A.
These total € 79,754 thousand and show a decrease of € 18,011 thousand compared to the balance of € 97,765 thousand at 30 June
2014 as a result of proceeds received during the period and new receivables arising from the Transfer Campaigns.
93
The balance at 30 June 2015 is composed as follows based on due dates and counterparties:
Current
share
Non-current
share
Balance at
30/06/2015
U.S. Sassuolo Calcio S.r.l.
13,340
22,160
35,500
U.S. Città di Palermo S.p.A.
6,000
-
6,000
U.C. Sampdoria S.p.A.
5,610
-
5,610
Torino F.C. S.p.A.
3,300
1,000
4,300
A.C. Milan S.p.A.
2,750
2,750
5,500
Atalanta B.C. S.p.A.
2,363
2,250
4,613
Ternana Calcio S.p.A.
1,600
-
1,600
S.S.C. Napoli S.p.A.
1,562
3,125
4,687
S.S.Virtus Lanciano 1924 S.r.l.
1,360
-
1,360
Spezia Calcio S.r.l.
1,007
330
1,337
A.C. Cesena S.p.A.
975
-
975
Genoa Cricket and Football Club S.p.A.
900
-
900
Udinese Calcio S.p.A.
750
-
750
F.C. Pro Vercelli 1892 S.r.l.
585
580
1,165
Bologna 1909 F.C. S.p.A.
400
300
700
Fallimento Parma F.C. S.p.A.
300
400
700
Delfino Pescara 1936 S.r.l.
235
-
235
Vicenza Calcio S.p.A.
115
-
115
Empoli F.C. S.p.A.
100
100
200
43,252
32,995
76,247
Al Jazira Football Sport Company
3,158
-
3,158
Sunderland Association F.C. Ltd.
2,000
-
2,000
150
-
150
53
26
79
50
-
50
Paris Saint-Germain Football Sasp
21
-
21
1
-
1
Total foreign
5,433
26
5,459
(150)
-
(150)
(430)
(1,372)
(1,802)
48,105
31,649
79,754
Total Italy
Elche Club de Futbol SAD
Havre Athletic Club
Adjustment for implicit financial income
94
17. OTHER CURRENT AND NON-CURRENT ASSETS
30/06/15
Current Non-current
share
share
Receivables due from Campi di Vinovo S.p.A. for the sale
of the business unit of “Mondo Juve - commercial park”
-
Receivables due from Finanziaria Gilardi S.p.A. for sale
of the Campi di Vinovo S.p.A. shareholding
Receivables due from Santa Clara S.r.l. for the sale of 50%
of the investment in J Medical S.r.l.
Receivables due from Piemonte Merchandising S.r.l. (formerly
Juventus Merchandising S.r.l.) for acquisition of business unit
30/06/2014
Total
Current Non-current
share
share
Total
-
7,407
- 7,407
-
1,579 1,579
3,293
1,579 4,872
1,750
- 1,750
-
-
-
315
-
-
-
315
-
-
Receivables due from I.C.S. for interest rate subsidy
302
2,113 2,415
302
2,414 2,716
Adjustment for financial income underlying the receivable due from I.C.S.
(88)
(326)
(414)
(97)
(414)
425 2,100
1,014
Prepaid expenses
1,675
(511)
555 1,569
Receivables due from insurance companies
130
-
130
230
-
230
Receivables due from Lega Nazionale Professionisti Serie A
372
-
372
175
-
175
Tax receivables
97
340
437
95
-
95
Miscellaneous
654
114
768
262
95
357
4,245 9,452
12,681
Other current and non-current assets
5,207
4,229 16,910
During the year, receivables were collected due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A., respectively equal to € 3,293
thousand and € 7,407 thousand, referring to the transaction for the sale (and the subsequent amending agreements) to Finanziaria
Gilardi S.p.A. (originally Costruzioni Generali Gilardi S.p.A.) of the shareholding in Campi di Vinovo S.p.A., as well as business unit
related to the “Mondo Juve – Parco Commerciale” project to be built on the land of Campi di Vinovo S.p.A..
To date, therefore, there is still an amount of € 1,579 thousand to be received by 31 July 2016, secured by a guarantee from a leading
bank.
Receivables due from Santa Clara S.r.l. refer to for the sale of 50% of the share capital of J Medical S.r.l. (see also Note 47).
Receivables due from Piemonte Merchandising S.r.l. (formerly Juventus Merchandising S.r.l.) mainly refer to receivables arising from the
acquisition of the business unit which produced its effects on 30 June 2015 (for more detailed information please refer to the section
“Significant events in the 2014/2015 financial year” of the Report on Operations).
The discounted receivable due from Istituto per il Credito Sportivo refers to an interest rate subsidy granted by the same Institute, in
accordance with current laws, related to a loan for the construction of the new stadium.
Prepaid expenses mainly refer to insurance premiums of € 839 thousand (of which € 309 thousand non-current), commissions on
guarantees of € 174 thousand, temporary two-year acquisition of players of € 172 thousand and prepaid interest on the Training Centre
lease of € 82 thousand.
18. INVENTORY
This item, not present at 30 June 2014, amounts to € 1,327 thousand, and refers to stocks of products to be put on the market as from
1 July 2015 as part of the new Juventus brand products retail business.
19. TRADE RECEIVABLES
This item totals € 31,564 thousand and increased by € 5,966 thousand (€ 25,598 thousand at 30 June 2014).
95
The time schedule for trade receivables is given below:
30/06/2015
30/06/2014
19,031
15,199
Trade receivables due from less than 60 days
8,484
10,320
Trade receivables due from 61 to 120 days
3,616
317
Trade receivables due more than 120 days
1,760
1,142
(1,327)
(1,380)
Trade receivables
31,564
25,598
Trade receivables not yet due
The increase in trade receivables not yet due mainly refers to fees from participation in the UEFA Champions League. Trade receivables
due from less than 60 days and from 61 to 120 days refer to receivables collected almost in full during July and August.
To optimise financial management, expand the level of loans and keep borrowing costs down, the Company sells part of its contracts
and future trade receivables to factoring companies.
The provisions set aside to the allowance for doubtful accounts in the year amounted to € 87 thousand, with use of € 140
thousand.
20. CASH AND CASH EQUIVALENTS
At 30 June 2015 cash and cash equivalents totalled € 3,127 thousand (€ 1,587 thousand at 30 June 2014) and were mainly composed
of positive balances of ordinary accounts held at banks.
21. ADVANCES PAID
These totalled € 19,362 thousand, of which € 13,349 thousand non-current (of which € 12,734 thousand beyond the fifth consecutive
year) and mainly refer to the consideration paid for the acquisition of the long-term lease of the Juventus Stadium (€ 12,405 thousand)
and for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa Area, only limited to the portion (3,170
square meters of gross floor area) remained in the Company after signing the assignment to the “J Village” real estate fund on 30 June
2015, accounted for as operating leases (for more details, see section Significant events after 30 June 2015).
30/06/15
30/06/2014
Current Non-current
share
share
Total
Current Non-current
share
share
Total
Acquisition of the long-term lease of the Juventus Stadium
and relative auxiliary expenses
143
12,263 12,406
143
12,405 12,548
Acquisition of the long-term lease of the Continassa Area
and relative auxiliary expenses
11
1,086 1,097
-
11,637 11,637
4,517
- 4,517
4,712
- 4,712
Other minor items
1,342
- 1,342
Advances paid
6,013 13,349 19,362
Expenses related to the development of the Continassa Projects
201
-
201
5,056 24,042 29,098
22. ASSETS HELD FOR SALE
This item, not present at 30 June 2014, amounts to € 12,061 thousand, and refers to the amount paid to the City of Turin for the
acquisition of the portion of the long-term lease (34,830 gross floor area) and relative auxiliary expenses of the Continassa Area,
following the assignment made to the “J Village” real estate fund established by Accademia SGR S.p.A..
23. SHAREHOLDERS’ EQUITY
At 30 June 2015, the fully paid-up share capital of Juventus amounted to € 8,182,133.28 and was made up of 1,007,766,660 no par
value ordinary shares.
96
Shareholders’ equity at 30 June 2015 amounted to € 44,645 thousand, up compared to the balance of € 42,627 thousand at 30 June
2014 due to the effect of the profit for the year (€ +2,298 thousand), net of changes in cash flow hedge reserves (€ +235 thousand)
and actuarial gains/losses reserves (€ -441 thousand), as well as other minor changes (€ -74 thousand).
The information required by Art. 2427 no. 7 bis of the Italian Civil Code on the availability and possibility of distribution of reserves is
illustrated below:
Balance at
30/06/2015
Possibility
of use
Portion Uses in the three
available previous years
(to cover losses)
8,182
Share capital
-
-
-
Reserves:
34,383
A, B, C
34,383
- Cash flow hedge reserve
(218)
-
-
-
Profit/(loss) for the year
2,298
-
-
-
44,645
-
34,383
71,240
- Share premium reserve
Total
71,240*
A for the share capital increase
B for the coverage of losses
C for distribution to shareholders
* The “Share premium reserve” was re-established following the share capital increase in January 2012, and during the 2012/2013, 2013/2014 and 2014/2015
financial years was adjusted for deferred taxes relating to the costs of the share capital increase recorded directly in Shareholders’ equity (for a total of € 73 thousand
per year). For further details, see the Statement of Changes in Shareholders’ Equity.
24. PROVISIONS FOR NON-CURRENT EMPLOYEE BENEFITS
The 2011/2012–2014/2015 Long Term Incentive Plan approved by the Board of Directors on 29 February 2012 for Chief Executive
Officers and some employees holding prominent positions in the company was terminated ahead of the original expiry date of 30
June 2015, because its objectives were no longer in line with the new medium term plan for the financial years from 2014/2015 to
2017/2018 approved by Board of Directors on 20 June 2014 and the new organizational structure that became operational on 1 July
2014.
Accordingly, following the performance evaluation carried out by the Remuneration and Appointments Committee and the consequent
accrual of the bonus by the beneficiaries of the Plan, the related liability at 30 June 2014 (€ 5,895 thousand) and the Actuarial gains/
(losses) reserve (€ 441 thousand), were transferred to payables due to the beneficiaries for € 6,157 thousand. Fifty percent of the
liability was paid to the entitled parties in December 2014 and the balance was paid in July 2015. The residual surplus provision of
€ 179 thousand was released to income (see also Note 46).
The amount of € 156 thousand at 30 June 2015 refers to payables due to personnel for employee severance indemnities arising from
the acquisition of the business unit from Juventus Merchandising S.r.l. (now Piemonte Merchandising S.r.l.) which produced its effects
on 30 June 2015 (for more detailed information please refer to the section “Significant events in the 2014/2015 financial year” of the
Report on Operations).
25. BONDS AND OTHER FINANCIAL LIABILITIES
They include payables due to:
30/06/15
30/06/2014
Current Non-current
share
share
Total
Current Non-current
share
share
Total
Istituto per il Credito Sportivo
4,633
38,719 43,352
4,437
43,352 47,789
Lease companies
2,723 (a) 7,681 10,404
2,638
10,345 12,983
Parent company EXOR S.p.A.
38,000
- 38,000
-
Factoring companies
90,544
- 90,544
44,218
- 44,218
13,601
- 13,601
106,265
- 106,265
Banks
Bonds and other financial liabilities
149,501 46,400 195,901
-
-
157,558 53,697 211,255
(a) including interest and adjustment.
97
Bonds and other financial liabilities at 30 June 2015 mainly concern loans granted by the Istituto per il Credito Sportivo for construction
of the Juventus Stadium, the balances in bank accounts, payables due to factoring companies for advances on contracts and trade
receivables, as well as the payable due to UniCredit Leasing S.p.A. for the finance lease of the Training Centre in Vinovo. Payables due
to factoring companies at 30 June 2015 mainly refer to advance transactions on business contracts and are therefore equivalent to
short-term bank loans.
As regards loans taken out for construction of the Juventus Stadium, real estate acquired under the long-term lease was mortgaged to
the lender for a maximum value of € 120 million.
The payable to the parent company EXOR S.p.A. relates to the line of credit of € 50 million granted in February 2015 and maturing on
31 December 2015.
The due dates of loans and other financial payables are shown below:
Due within 30 June
revocable
2016
2017
2018
2019
Istituto per il Credito Sportivo
-
4,633
4,838
5,053
5,277
Lease companies
-
2,723
7,681
-
-
-
-
10,404
Parent company EXOR S.p.A.
-
38,000
-
-
-
-
-
38,000
Factoring companies
90,544
-
-
-
-
-
-
90,544
Banks
13,601
-
-
-
-
-
-
13,601
Bonds and other financial liabilities
104,145
2020
Beyond
Total
5,511 18,040
43,352
45,356 12,519 5,053 5,277 5,511 18,040 195,901
Financial liabilities exposed to interest rate risk (payables due to banks and factoring companies) were subjected to a sensitivity analysis
on the date this annual financial report was prepared. For variable-rate financial liabilities, the analysis was performed based on the
assumption that year-end exposure had remained constant for the entire period.
At 30 June 2015, in addition to the payable due to the parent company EXOR S.p.A. resulting from the use of the credit line granted,
this item did not include any other payable or receivable positions with respect to related parties, except for the balances of current
accounts held at Banca del Piemonte S.p.A. (see Note 57).
The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have been as follows:
importi in migliaia di Euro
30 June 2015
30 June 2014
Income statement
Income statement
+ 100 bps
cash/loans
(1,351)
(1,453)
1,351
1,453
- 100 bps
cash/loans
Medium-long term financial liabilities due to the Istituto per il Credito Sportivo and UniCredit Leasing S.p.A. are not exposed to interest
rate risk since they are respectively at a fixed rate or hedged by derivative instruments (see Note 29).
26. PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
These concern current and non-current payables due to football clubs for the acquisition of players, all due within the next 5 years.
These total € 93,639 thousand and show a decrease of € 10,187 thousand compared to the balance of € 103,826 thousand at 30 June
2014 as a result of payments made in the period and new payables arising from the Transfer Campaigns.
98
The balance at 30 June 2015 is composed as follows based on due dates and counterparties:
U.S. Sassuolo Calcio S.r.l.
Udinese Calcio S.p.A.
Torino F.C. S.p.A.
U.S. Citta’ di Palermo S.p.A.
Genoa Cricket and Football Club S.p.A.
U.C. Sampdoria S.p.A.
Atalanta B.C. S.p.A.
S.S. Virtus Lanciano 1924 S.r.l.
A.C. Cesena S.p.A.
Empoli F.C. S.p.A.
Ternana Calcio S.r.l.
Spezia Calcio S.r.l.
Delfino Pescara 1936 S.r.l.
F.C. Pro Vercelli 1892 S.r.l.
Bologna F.C. 1909 S.p.A.
Vicenza Calcio S.p.A.
A.S. Bari S.p.A.
Perugia Calcio S.r.l.
Ascoli Picchio F.C. S.p.A.
Feralpisalò S.r.l.
Carpi F.C. 1909 S.p.A.
Gubbio 1910 S.r.l.
Como Calcio S.r.l.
Virtus Entella S.r.l.
Santarcangelo Calcio S.r.l.
A.C. Reggiana S.p.A.
Fallimento Monza Brianza A.C. 1912 S.p.A.
Renate A.C. S.r.l.
Spal 1907 S.p.A.
Pontedera 1912 U.S. S.r.l.
Paganese Calcio 1926 S.r.l.
Real Vicenza S.r.l.
Mantova F.C. S.r.l.
Marsala 1912 S.S.D. a r.l.
Novara Calcio S.p.A.
Alessandria Calcio 1912 S.r.l.
A.C. Pistoiese S.r.l.
Total Italy
Manchester City Football Club Ltd.
Manchester United F.C. Ltd.
Al Jazira Football Sport Company
Club Atletico de Madrid
C.A. Boca Juniors
Sunderland Association F.C. Ltd.
Federacion Espanola de Futbol
Enosis Athletic Union of Paralimni
Getafe Club de Futbol
Bretigny Foot C.S.
S.C. Corinthians
A.S. Monaco
O.G.C. Nice
C.A. All Boys
Djurgardens Elitfotboll AB
West Ham United
Club Omnisport des Ulis
Colo Colo
Club de Futbol Badalona
Deportes Melipilla Sadt
Total foreign
Adjustment for implicit financial expenses
Current
share
Non-current
share
Balance at
30/06/2015
8,690
6,750
6,700
6,000
5,800
4,945
3,505
1,735
1,490
1,250
1,125
1,013
775
685
605
314
225
170
125
96
80
68
55
37
35
30
25
23
20
19
14
12
9
6
5
2
1
52,439
10,668
2,000
1,500
1,265
158
80
63
47
40
30
27
18
16
12
12
11
10
10
6
5
2
1
15,981
(837)
67,583
13,820
2,500
1,675
300
1,750
660
580
400
21,685
5,340
-
22,510
6,750
6,700
6,000
8,300
4,945
5,180
2,035
1,490
3,000
1,125
1,673
775
1,265
1,005
314
225
170
125
96
80
68
55
37
35
30
25
23
20
19
14
12
9
6
5
2
1
74,124
16,008
2,000
1,500
1,265
158
120
63
47
40
30
40
18
16
12
12
11
10
10
6
5
2
1
21,374
(1,859)
93,639
40
13
5,393
(1,022)
26,056
99
27. DEFERRED TAX LIABILITIES
At 30 June 2015, the item amounted to € 5,897 thousand, compared to € 5,583 thousand at the beginning of the period. Changes
in the year are as follows:
Write-back and amortisation of the Library value (corporate tax)
Write-back and amortisation of the Library value (IRAP tax)
Finance lease for Training Centre and other minor ones
Deferred tax liabilities
Taxes
Taxable
income 30/06/2014
30/06/2014
Provisions
4,724
433
426
5,583
249
65
314
17,175
11,113
1,549
29,837
DrawTaxes
downs 30/06/2015
Taxable
income
30/06/2015
4,973
498
426
5,897
18,082
12,771
1,549
32,402
-
Deferred tax liabilities refer mainly to temporary differences in the value of the Juventus Library due to the tax depreciation of the asset.
As regards the gains realised in the 2014/2015 financial year from the sale of the registration rights of players held for at least one
year, the Company reserves the right to recalculate the amount of profit to be deferred and the period of deferment when filing its
income tax return (March 2016).
28. OTHER NON-CURRENT AND CURRENT LIABILITIES
30/06/15
Current Non-current
share
share
30/06/2014
Total
Current Non-current
share
share
Total
Payables due for remuneration to employees and others
30,894
- 30,894 (a)
28,332
- 28,332
Tax payables for withholding tax and other taxes
12,753
- 12,753
11,619
- 11,619
Payables due for auxiliary expenses and Transfer Campaign
5,770
3,000
8,770
5,429
1,708
7,137
Prepaid income and accrued expenses
2,094
-
2,094
4,626
-
4,626
Payables due to social security agencies
1,045
-
1,045
964
-
964
(37)
(300)
(337)
(14)
(66)
(80)
4,714
58
4,772
4,823
42
4,865
2,758 59,991
55,779
Adjustment for implicit financial expenses
Other payables
Other non-current and current liabilities
57,233
1,684 57,463
(a) including remuneration for variable bonuses matured mainly by players and technical staff.
Payables to employees and similar mainly refer to the remuneration for June 2015 and the variable bonuses accrued by players and
technical staff as a result of the Championship victory, the Italian Cup victory and the individual performances achieved.
Tax payables totalling € 12,753 thousand, regard payables due for withholding taxes to pay (€ 7,139 thousand), VAT resulting from the
payment for June 2015 (€ 4,513 thousand) and for IRAP (€ 1,101 thousand).
The payables for auxiliary expenses related to the transfer campaign increased by € 1,633 thousand (compared to € 7,137 thousand at
30 June 2014) following the fees paid to FIFA agents for services performed for the 2014/2015 Transfer Campaign.
Prepaid income mainly relates to revenues from commercial contracts of € 1,742 thousand and income from the temporary two-year
disposal of players of € 120 thousand.
29. CURRENT FINANCIAL LIABILITIES
The amount of € 228 thousand mainly represents the fair value of the Interest Rate Swap entered into on 11 April 2011 (maturing on
14 June 2016) to hedge the interest rate applicable to the finance lease with Unicredit Leasing S.p.A. relative to the Vinovo Training
Centre (€ 218 thousand). At 30 June 2014, this item was recorded under “Non-current financial liabilities” (€ 452 thousand).
In compliance with IAS 39, the positive change in fair value reported at 30 June 2015 (€ +235 thousand) was recognised as an increase
in the shareholders’ equity reserve (cash flow hedge reserve). This reserve (€ -217 thousand at 30 June 2015) will be released when
the interest payable on the loans, representing expected cash flows, is recorded in the income statement.
100
30. CURRENT PROVISIONS FOR RISKS AND CHARGES
This item, totalling € 354 thousand (€ 1,158 thousand at 30 June 2014), contains provisions set aside for expenses to be incurred for
business disputes, as well as other expenses.
Its uses mainly refer to other expenses incurred following business disputes, amounting to € 549 thousand.
31. TRADE PAYABLES
This item amounts to € 20,129 thousand (€ 14,429 thousand at 30 June 2014) and mainly refers to payables to suppliers for Juventus
Stadium and Juventus Training Centre management and maintenance services, and relative utilities.
32. ADVANCES RECEIVED
Advances received total € 50,859 thousand, of which € 35,543 thousand non-current (including € 20,092 thousand beyond five
financial years).
30/06/15
Current Non-current
share
share
Naming and other revenues of the Juventus Stadium from
agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG
3,500
Season passes
7,936
Television rights disposed of in centralised form accruing
in the 2015/2016 financial year
30/06/2014
Total
Current Non-current
share
share
Total
24,500 28,000
3,500
-
7,936
6,974
-
6,974
2,005
-
2,005
-
-
-
Income from the “Membership” initiative
398
2
400
476
20
496
Income from the “Accendi una Stella” initiative
180
915
1,095
180
1,095
1,275
116
9,582
9,698
116
9,698
9,814
1,181
544
1,725
1,378
802
2,180
Income from the Juventus Library
Other minor items
Advances received
15,316 35,543 50,859
28,000 31,500
12,624 39,615 52,239
33. TICKET SALES
These amounted to € 51,369 thousand. The increase of € 10,373 thousand compared to the figure of € 40,996 thousand for the
2013/2014 financial year derives from:
- revenues from ticket sales for the UEFA Champions League and Italian Cup finals and higher revenues from ticket sales for the
Italian Super Cup match (€ +5,824 thousand);
- higher revenues from ticket sales for UEFA Champions League home matches (€ +1,801 thousand);
- higher income for friendly matches (€ +1,486 thousand);
- higher revenues for Italian Cup home matches (€ +907 thousand);
- higher revenues from season passes (€ +452 thousand);
- higher revenues from ticket sales for Championship home matches net of the secondary ticketing amount (€ +369 thousand).
These increases were partially offset by lower revenues from additional match services (€ -274 thousand) and lower revenues from
ticket sales for Italian Cup away matches (€ -192 thousand).
101
The following table compares the number of matches played in various competitions during 2014/2015 and in the previous year:
2014/2015
2013/2014
Home
Away
Total
Home
Away
Total
Championship
19
19
38
19
19
38
UEFA matches
6
7
13
7
7
14
Italian Super Cup
-
1
1
-
1
1
Italian Cup
2
3
5
1
1
2
27
30
57
27
28
55
number of matches
Total
34. TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES
Revenues from media rights
Revenues from UEFA competitions
2014/2015
Financial Year
2013/2014
Financial Year
Change
106,073
100,842
5,231
88,638
50,123
38,515
194,711
150,965
43,746
Revenues from media rights for the year increased by € 5,231 thousand compared to the previous period, mainly due to higher
revenues from the distribution of audiovisual rights of the Championship for the 2014/2015 season.
Revenues from UEFA competitions amounted to € 88,638 thousand, recording an increase of +76.8% compared to the previous year,
due to the fact the team qualified for the final of the UEFA Champions League 2014/2015 season. During the previous season of the
UEFA Europa League the First Team was stopped at the semi-finals.
35. REVENUES FROM SPONSORSHIP AND ADVERTISING
These amount to € 53,755 thousand, a decrease of € 6,545 thousand compared to the previous year figure of € 60,300 thousand,
mainly due to lower revenues from sponsorships (€ -5,511 thousand) and lower revenues from royalties (€ -892 thousand).
36. REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
These originate from transactions performed during the 2014/2015 Transfer Campaigns. Details are as follows:
Gains on termination of sharing agreements
Gains on disposal of players’ registration rights
Capital gains on player-sharing agreements
Revenues from the temporary disposal of players’ registration rights
Other revenues
102
2014/2015
Financial Year
2013/2014
Financial Year
Change
10,959
14,850
(3,891)
9,680
3,957
5,723
-
16,610
(16,610)
2,322
502
1,820
567
513
54
23,528
36,432
(12,904)
Revenues from players’ registration rights at 30 June 2015 refer to:
Gains on termination of sharing agreements:
10,959
BERARDI Domenico/U.S. Sassuolo Calcio S.r.l.
6,629
GABBIADINI Manolo/Società Sportiva Calcio Napoli S.p.A.
1,194
EMMANUELLO Simone/Atalanta Bergamasca Calcio S.p.A.
783
MASI Alberto/Ternana Calcio S.p.A.
776
CERIA Edoardo/Atalanta Bergamasca Calcio S.p.A.
490
BIANCONI Niko/Vicenza Calcio S.p.A.
482
GOLDANIGA Edoardo/U.S. Città di Palermo S.p.A.
363
RUGGIERO Giuseppe/F.C. Pro Vercelli 1892 S.r.l.
242
9,680
Gains on disposal of players’ registration rights:
VUCINIC Mirko/Al Jazira Football Sport Company
2,270
CASTIGLIA Luca/F.C. Pro Vercelli 1892 S.r.l.
1,324
MESTRE Francesco/Empoli F.C. S.p.A.
891
QUAGLIARELLA Fabio/Torino F.C. S.p.a.
779
PELUSO Federico/U.S. Sassuolo Calcio S.r.l.
775
DE SILVESTRO Elio/S.S. Virtus Lanciano 1924 S.r.l.
678
SANTOMAURO Luca/Empoli F.C. S.p.A.
600
RIZZO Luigi/Vicenza Calcio S.p.A.
572
GABBIADINI Manolo/U.C. Sampdoria S.p.A. (*)
518
ELEZAJ Entonjo/F.C. Pro Vercelli 1892 S.r.l.
500
HROMADA Jakub/U.C. Sampdoria S.p.A.
468
VARGA Atila/U.C. Sampdoria S.p.A.
277
Others
28
2,322
Revenues from the temporary disposal of players’ registration rights:
ISLA ISLA Mauricio Anibal/Queens Park Rangers Football & Athletic Club
1,200
SORENSEN Frederik/Hellas Verona F.C. S.p.A.
300
BUCHEL Marcel/Bologna F.C. 1909 S.p.A.
287
RUGANI Daniele/Empoli F.C. S.p.A.
286
DIAGNE Mbaye/Al Shabab F.C.
149
ROSSETI Valerio Lorenzo (two-year)/Atalanta Bergamasca Calcio S.p.A.
100
Revenues from solidarity subsidies/international transfers bonuses/players’
performance bonuses:
567
IMMOBILE Ciro/BORUSSIA DORTMUND GmbH & CO. KGaA
292
PASQUATO Cristian/Delfino Pescara 1936 S.p.A.
235
Others
40
23,528
(*) previous year suspended gain
37. OTHER REVENUES
This item totals € 24,832 thousand, showing a decrease of € 2,259 thousand compared to € 27,091 thousand at 30 June 2014.
103
The breakdown is shown below:
2014/2015
Financial Year
2013/2014
Financial Year
Change
Contingent assets
4,559
2,799
1,760
Income from commercial initiatives
(Accendi una Stella, Membership, Stadium Tour, Museum, Club Doc, etc.)
6,140
5,885
255
Income from Lega Nazionale Professionisti Serie A
4,075
3,863
212
Income from no match day activities and other stadium income
3,336
3,793
(457)
Income from own TV productions
2,006
2,364
(358)
Compensation and other insurance-related income
883
928
(45)
Sale of away match tickets
759
397
362
Contributions from FIFA/UEFA for National side appearances of players
255
738
(483)
2,819
6,324
(3,505)
24,832
27,091
(2,259)
Others
Other revenues
Contingent assets include additional bonuses distributed on conclusion by UEFA for participating in the UEFA Champions League 2013/2014.
38. PURCHASE OF MATERIALS, SUPPLIES AND OTHER CONSUMABLES
This item totals € 3,103 thousand, against € 3,471 thousand at 30 June 2014, and regards match strips and materials (€ 2,238
thousand), medical and para-medical equipment (€ 153 thousand), capital goods (€ 72 thousand) and other purchases of sundry
materials (€ 640 thousand).
39. EXTERNAL SERVICES
Costs for transportation, food and lodging
Maintenance
Leases and rentals
Advisory
Emoluments paid to Company Officers
Utilities
Insurance
Costs for security and reception
Audio and video productions
Fees to sports consultants
Costs for cleaning
Legal and notary fees
Expenses for installations
Bank services and charges on guarantees
Advertising spaces on the media
Printed material and dispatch
Distribution network and ticket sales
Training, catch up lessons
Expense refunds
Health and rehabilitation
Brokers’ fees
Facility management
Others
External services
104
2014/2015
Financial Year
2013/2014
Financial Year
Change
8,360
4,827
4,177
3,503
3,114
2,631
2,562
2,282
1,984
1,406
1,356
1,178
925
807
807
750
746
636
599
521
435
9
2,273
7,518
3,363
4,017
3,383
4,041
2,730
2,453
4,775
1,922
1,206
1,422
1,179
934
994
720
730
1,386
434
489
332
531
1,521
1,881
842
1,464
160
120
(927)
(99)
109
(2,493)
62
200
(66)
(1)
(9)
(187)
87
20
(640)
202
110
189
(96)
(1,512)
392
45,888
47,961
(2,073)
“Costs for security and reception” decreased as a result of lower costs incurred for stewarding services, which, from the financial year
2014/2015, are managed directly by the Company. The cost of the personnel engaged in that activity is now included in the cost of
Other personnel and amounts to € 1,491 thousand (see note 41).
“Costs for transportation, food and lodging” increased as a result of a higher number of matches played, in particular the summer tour
in Indonesia, Australia and Singapore, the Italian Super Cup played in Qatar and the UEFA Champions League in Berlin.
40. PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Wages and salaries
Variable bonuses
Payments to players temporarily transferred to other Companies
Leaving incentives
Social security contributions
Contractors and related social security contributions
Scholarships
Severance indemnities - players and technical staff
Other expenses
2014/2015
Financial Year
2013/2014
Financial Year
Change
138,296
24,943
4,759
3,702
3,009
2,114
674
368
131,086
25,296
3,528
783
2,849
2,001
735
314
7,210
(353)
1,231
2,919
160
113
(61)
54
974
1,295
(321)
178,839
167,887
10,952
This item increased by € 10,952 thousand, mainly due to fees paid to players acquired during the 2014/2015 Transfer Campaign and
renewed contracts of some players (€ +7,210 thousand), higher leaving incentives paid to players permanently disposed of (€ +2,919
thousand), higher remuneration paid to players on temporary transfer (€ +1,231 thousand), partially offset by lower variable bonuses
(€ -353 thousand) and lower other expenses (€ -321 thousand).
The average number of FIGC registered personnel was 99, broken down as follows:
number
2014/2015
Financial Year
2013/2014
Financial Year
Change
Players
51
52
(1)
Trainers
25
17
8
Other technical personnel
23
23
-
Average number of players and technical staff
99
92
7
2014/2015
Financial Year
2013/2014
Financial Year
Change
10,483
8,079
2,404
Social security contributions
3,445
2,972
473
Variable bonuses
2,440
1,842
598
Severance indemnities - other personnel
801
710
91
Contractors and related social security contributions
391
363
28
40
33
7
41. OTHER PERSONNEL
Wages and salaries
Scholarships
Other expenses
Other personnel
1,991
2,205
(214)
19,591
16,204
3,387
105
The average number of other personnel was 155, broken down as follows:
2014/2015
Financial Year
2013/2014
Financial Year
Change
Managers
17
17
-
Middle managers
25
20
5
107
92
15
6
6
-
155
135
20
number
Employees *
Workers
Average number of other personnel
* of which 5 part-time
The increase in office workers is mainly due to the acquisition of the business unit from Juventus Merchandising S.r.l. (now Piemonte
Merchandising S.r.l.) which produced its effects on 30 June 2015 (for more detailed information please refer to the section “Significant
events in the 2014/2015 financial year” of the Report on Operations).
42. EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
2014/2015
Financial Year
2013/2014
Financial Year
Change
Auxiliary non-capitalised expenses for players’ registration rights
3,570
2,995
575
Expenses for the temporary purchase of players’ registration rights
3,080
498
2,582
322
2
320
58
4
54
-
114
(114)
60
217
(157)
7,090
3,830
3,260
Losses on disposals of players-sharing agreements
Losses on disposal of registered young players-sharing agreements
Losses on disposal of players’ registration rights
Other expenses
Auxiliary expenses for players’ registration rights that are not capitalised are mainly related to fees paid to FIFA agents for services
concerning the disposal of players’ registration rights and the acquisition or renewal of players’ rights, if fees are tied to conditions
requiring that players remain registered with the Company. Details are as follows:
Player name
Vucinic Mirko
1,000
Souza Orestes Romulo
800
Pogba Paul
500
Llorente Fernando
500
200
130
Gabbiadini Manolo
100
Ziegler Reto Piermin
72
Boakye Yiadom Richmond
62
Berardi Domenico
54
52
Others
Auxiliary expenses
106
2014/2015
Financial Year
100
3,570
Expenses for the temporary purchase of players’ registration rights mainly refer to:
- Pereyra Roberto Maximiliano (Udinese Calcio S.p.A.) € 1,500 thousand;
- Souza Orestes Romulo (Hellas Verona F.C. S.p.A.) € 1,000 thousand;
- Zappa Claudio (U.S. Sassuolo Calcio S.r.l.) € 200 thousand;
- Lirola Kosok Pol Mikel (RCD Espanyol de Barcelona Sad) € 125 thousand;
- Eleuteri Alessandro (Ascoli Picchio F.C. S.p.A.) € 99 thousand.
Losses on disposals of players-sharing agreements relate to:
- Boakye Yiadom Richmond (Atalanta Bergamasca Calcio S.p.A.) € 197 thousand;
- Russini Simone (Ternana Calcio S.p.A.) € 125 thousand.
43. OTHER EXPENSES
Agency costs
Taxes and indirect taxes
Out-of-period costs
Percentages to third parties on rights and miscellaneous
Contributions to FIGC, LNPA and other bodies
Purchase of away match tickets
Fines and penalties
Percentages to third parties on income from matches
Others
Other expenses
2014/2015
Financial Year
2013/2014
Financial Year
Change
2,708
1,762
917
904
886
759
604
446
1,987
1,480
608
964
851
397
484
38
721
282
309
(60)
35
362
120
408
357
450
(93)
9,343
7,259
2,084
2014/2015
Financial Year
2013/2014
Financial Year
Change
53,524
51,352
1,519
653
50,783
46,572
3,830
381
2,741
4,350
63
4,287
57,874
50,846
7,028
44. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS
Amortisation:
Professional players
Professional player-sharing agreement payable
Registered young players
Write-downs
Amortisation and write-downs of players’ registration rights
Amortisation and write-downs of players’ registration rights increased by € 7,028 thousand compared to the previous year, mainly
due to lower write-downs of players’ registration rights (€ +4,287 thousand), which was offset by higher amortisation relative to
investments made during the 2014/2015 Transfer Campaigns (€ +2,741 thousand). For additional information see “Significant events
in the 2014/2015 financial year”.
107
45. DEPRECIATION/AMORTISATION OF OTHER TANGIBLE AND INTANGIBLE ASSETS
These amount to € 8,477 thousand, substantially in line with the figure of € 8,216 thousand for the same period of the previous year.
They mainly refer to depreciation of the Vinovo Training Centre, the Juventus Stadium, Juventus Museum and other tangible assets, and
amortisation of intangible assets.
46. PROVISIONS AND OTHER WRITE-DOWNS/REVERSES AND RELEASES
The breakdown is shown below:
2014/2015
Financial Year
2013/2014
Financial Year
Change
869
1,263
(394)
Release of provisions for other risks and charges
(255)
-
(255)
Release of provisions for employee benefits
(179)
-
(179)
435
1,263
(828)
Provision for other risks and charges
Provisions and other write-downs/reverses and releases
The provision for other risks and charges of € 869 thousand mainly refers to an estimate of the charges to be incurred for other
personnel leaving the club (€ 583 thousand).
The release of provisions for employee benefits mainly refers to income from the excess of the 2011/2012-2014/2015 Long Term
Incentive Plan closed in advance of the original maturity (see also Note 24).
47. OTHER NON-RECURRING REVENUES
These amount to € 1,750 thousand (item not present at 30 June 2014) and relate to the sale of a 50% stake in the share capital of
J Medical S.r.l. to Santa Clara S.r.l. (see also Note 17).
48. FINANCIAL INCOME
2014/2015
Financial Year
2013/2014
Financial Year
Change
2,286
3,107
(821)
Interest income
35
17
18
Other income 44
8
36
2,365
3,132
(767)
2014/2015
Financial Year
2013/2014
Financial Year
Change
Interest expense
6,939
7,358
(419)
Financial expenses from discounting
3,272
4,019
(747)
276
313
(37)
Financial income from discounting
Financial income
49. FINANCIAL EXPENSES
Financial expenses from derivatives
Other expenses Financial expenses
108
374
141
233
10,861
11,831
(970)
50. INCOME TAXES
Details of income taxes recorded in the income statement are given below:
2014/2015
2013/2014
Financial Year Financial Year
Current taxes IRES
-
-
Current taxes IRAP
7,993
7,205
Total current taxes
7,993
7,205
Deferred taxes IRES
535
(438)
Deferred taxes IRAP
(18)
54
Total deferred taxes
517
(384)
8,510
6,821
Income taxes
The table below reconciles the theoretical tax burden and taxes payable as stated in the financial statements for the years ended 30
June 2014 and 30 June 2015.
2014/2015
2013/2014
Financial Year Financial Year
Income before taxes
10,808
146
Theoretical rate
27,5%
27,5%
(2,972)
(40)
- permanent changes
2,426
2,317
- positive reinstatements from previous years
2,329
2,720
250
249
- permanent changes
(1,504)
(1,180)
- temporary changes
(844)
(1,139)
13
-
242
-
60
-
Deferred taxes not allocated to tax losses generated during the year
-
(2,927)
Total current taxes on IRES income
-
-
(7,993)
(7,205)
(517)
384
(8,510)
(6,821)
Theoretical IRES taxes
Lower taxes following:
- temporary changes
Higher taxes following:
Lower IRES taxes for use of Deductible gifts and donations
Lower IRES taxes for use of previous tax losses
Lower IRES taxes for use of Aid to Economic Growth (ACE)
IRAP
Total deferred taxes
TOTAL INCOME TAXES
In order to render the tax reconciliation table easier to understand, IRAP (business tax) has been excluded, as it does not take income
before taxes as its basis for taxation, and would therefore distort any comparison between one year and the next. Accordingly, the
theoretical tax burden was calculated by applying the IRES tax rate (27.5%) to income before taxes.
109
The total value of deductible temporary differences and tax losses at 30 June 2015, and amounts for which deferred tax assets were
not recorded for IRES and IRAP purposes, are shown in the table below, broken down by year of maturity:
Year due
Total at 30
June 2015
2016
2017
2018
2019
beyond
368
16
16
16
1,646
-
-
-
-
195,384
368
16
16
16
197,030
1,710 *
16
16
16
16
1,646
1,710
16
16
16
16
1,646
Timing differences and tax losses on which
deferred tax assets have not been recognised
for IRES purposes
Deductible timing differences
Remaining tax losses
Total
2,062 *
195,384 **
197,446
Timing differences on which deferred tax
assets have not been recognised for IRAP
purposes
Deductible timing differences
Total
* The maturities of the temporary differences are estimated based on information available.
** Tax losses can be carried forward indefinitely and therefore have no expiration.
For financial years ending 30 June 2009 or earlier, the ordinary statute of limitations for IRES and IRAP taxes has expired.
51. BASIC AND DILUTED OPERATING RESULT PER SHARE
The figure is calculated by dividing the net income for the year by the average outstanding shares in the year (average outstanding
shares weighted according to the number of days in circulation), as illustrated below:
Operating result in euro thousand
Average outstanding shares in the year
Basic and diluted operating result per share (euro)
2014/2015
Financial Year
2013/2014
Financial Year
2,298
(6,674)
1,007,766,660
1,007,766,660
0,00230
(0,007)
Basic and diluted operating result per share is the same since the number of outstanding shares has remained unchanged during the
2014/2015 financial year.
110
52. NET FINANCIAL DEBT
Net financial debt at 30 June 2015, determined in accordance with the CONSOB DEM/2080535 recommendations of 9 December
2002, is composed as follows:
30/06/2015
Current Non-current
Financial assets*
Total financial assets
Financial payables
- due to leasing companies
- due to the Istituto per il Credito Sportivo
- due to parent EXOR S.P.A.
- due to factoring companies
- due to banks
Other financial liabilities
Total financial liabilities
Net financial debt
3,127
3,127
30/06/2014
Total
Current Non-current
4,100
3,127
7,227
1,587
1,587
(2,723) (7,681) (10,404)
(4,633) (38,719) (43,352)
(38,000)
- (38,000)
(90,544)
- (90,544)
(13,601)
- (13,601)
(228)
(228)
(149,729) (46,400) (196,129)
(146,602) (42,300) (188,902)
(2,638)
(4,437)
(44,218)
(106,265)
(11)
(157,569)
(155,982)
4,100
4,100
4,100
4,100
Total
4,100
1,587
5,687
(10,345) (12,983)
(43,352) (47,789)
- (44,218)
- (106,265)
(463)
(452)
(54,149) (211,718)
(50,049) (206,031)
* This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recognised in financial payables.
At 30 June 2015, net financial debt totalled € 188,902 thousand, with a decrease of € 17,129 thousand compared to the negative
balance of € 206,031 thousand at 30 June 2014. That decrease was driven by positive cash flow from operations (€ +55,927 thousand),
partially offset by Transfer Campaign outlays (€ -25,728 thousand, net), advances paid to various suppliers in relation to the Continassa
Project (€ -1,327 thousand), investments in other fixed assets (€ -4,662 thousand), and cash flow from financing activities (€ -7,081
thousand).
At 30 June 2015, in addition to the payable due to the parent company EXOR S.p.A. resulting from the use of the credit line granted,
this item did not include any other payable or receivable positions with respect to related parties, except for the balances of current
accounts held at Banca del Piemonte S.p.A. (see Note 57).
The change in cash and cash equivalents is recorded in the Statement of cash flows.
At 30 June 2015 the Company had revocable bank lines of credit for € 354,250 thousand, used for a total of € 164,206 thousand, of
which € 60,061 thousand for guarantees issued in favour of third parties, € 342 thousand for overdrafts, € 13,259 thousand for loans
and € 90,544 thousand for advances on contracts and trade receivables (for additional information see Note 55).
53. PAYMENTS INCURRED FOR SERVICES PROVIDED BY THE INDEPENDENT AUDITORS
Costs incurred in 2014/2015 total € 41 thousand and regard the following auditing services:
- statutory auditing of the financial statements, including partial auditing of the half-yearly report (€ 31 thousand);
- financial auditing of accounting statements for the calendar year, prepared for the purposes of EXOR consolidation (€ 2 thousand);
- review of accounting procedures and the correct recording of operations in accounts (€ 4 thousand);
- review of research and development costs (€ 4 thousand).
54. LEASED ASSETS
FINANCE LEASES
At 30 June 2015, a finance lease was in effect with Unicredit Leasing S.p.A. concerning the Juventus Training Centre in Vinovo (JTC).
Residual financial payables amount to € 10,404 thousand of which € 2,723 thousand for the current portion and € 7,681 thousand
for the non-current portion.
111
Other information relating to the JTC finance lease:
Payments for the year
capital
interest
Juventus Training Center
2,584
243
Total
2,584
243
Duration
(years)
Start date
(financial year)
Value
redemption
10
2006/2007
7,681
7,681
The contractual interest rate applicable is Euribor 3 months + spread of 1.2%. The acquisition of a hedging instrument, described in
Note 29, has fixed the interest rate applicable at 3.86% for the remaining term of the lease.
55. COMMITMENTS AND GUARANTEES
Commitments
Guarantees to third parties
Player acquisition
Total commitments
Guarantees received
Guarantees from third parties
Promissory Notes
Total guarantees received
Revocable bank lines of credit drawn on
for guarantees
for bank account overdrafts
for factoring advances
for loans
Bank lines of credit not drawn on
Total revocable lines of credit
30/06/2015
30/06/2014
60,061
17,400
77,461
35,835
1,325
37,160
8,167
2,000
10,167
164,206
60,061
342
90,544
13,259
190,044
354,250
4,219
4,500
8,719
186,318
35,835
101,263
44,218
5,002
123,432
309,750
In addition, the Company at 30 June 2015 has a line of credit for a maximum of € 50 million granted by the parent company EXOR
S.p.A., used for € 38 million.
GUARANTEES TO THIRD PARTIES
Al 30 giugno 2015 ammontano a € 60.061 migliaia e sono state emesse a garanzia:
− payables resulting from the acquisition of players’ registration rights (€ 50,555 thousand);
− construction and realisation of infrastructure costs for the Continassa Project (€ 5,075 thousand);
− other commitments (€ 4,431 thousand).
PLAYER ACQUISITION
At 30 June 2015, this item totalled € 17,400 thousand and referred to:
− Pereyra Roberto Maximiliano/Udinese Calcio S.p.A. € 14,000 thousand;
− other players € 3,400 thousand.
GUARANTEES FROM THIRD PARTIES
At 30 June 2015, a total of € 8,167 thousand had been received as guarantees for:
− receivables for payments on commercial contracts (€ 4,927 thousand);
112
− payables resulting from the acquisition of players’ registration rights (€ 3,000 thousand);
− contracts and the supply of goods and services for the new stadium (€ 240 thousand).
PROMISSORY NOTES
These total € 2,000 thousand and refer to guarantees received from Barclays Bank PLC for instalments coming due on receivables from
the permanent disposal of rights for Giaccherini Emanuele to Sunderland Association F.C. Ltd.
POTENTIAL EFFECTS ARISING FROM CONDITIONAL CONTRACTS
These refer to compensation payable to FIFA agents in the event of continuation of registration of individual players or the renewal of
contracts or other services provided in upcoming football seasons. Specifically:
Player name
Chiellini Giorgio
Evra Patrice Latyr
Kastanos Grigoris
Lirola Kosok Pol Mikel
Pogba Paul
Tello Munoz Andres Felipe
Total
2015/2016
2016/2017
2017/2018
2018/2019
300
425
40
1,000
70
200
500
200
2,735
300
1,000
200
1,500
300
250
200
750
200
200
As concerns variable compensation to players, the possible future financial effects were not given in detail in these Notes since they are
considered immaterial, considering the total amount of the financial statement items that include these cost items, and the information
requirements connected to the decision-making process of the financial statement readers.
56. PENDING LITIGATION
SUPREME COURT OF CASSATION PROCEEDINGS
With reference to the criminal proceedings pending before the Court of Naples against the former director and general manager
Luciano Moggi, the Company, following the order issued on 20 October 2009, was deemed liable and civil claimants had the right to
make claims for compensation for damages.
On 8 November 2011 the Court of Naples sentenced Luciano Moggi to 5 years and 4 months and rejected the claims for damages
against Juventus and confirming the complete lack of any liability for the Company. The deliberations of the previous sets of proceedings,
referring to the inadmissibility of the presence of the party civilly liable at the trial, were confirmed.
With reference to the abbreviated procedure requested by some defendants, on 14 December 2009, the Court of Naples sentenced in
the first instance the former Chief Executive Officer of the Company Antonio Giraudo for sporting fraud and criminal association. The
sentence was partially changed by the Court of Appeals of Naples on 5 December 2012, which reduced the sentence to 20 months,
following acquittal for some charges. The Court of Appeals also confirmed the general sentence of compensation to be paid in a
separate ruling to the civil claimants.
Against these sentences, the Supreme Court of Cassation in its ruling of 24 March 2015 held that the former General Manager of
Juventus Luciano Moggi and the former Chief Executive Officer Antonio Giraudo reached the end of statute of limitations.
The Court of Cassation referred any damage claims by the civil claimants against Luciano Moggi to the attention of the relevant local
Courts of Appeal.
At present, negative effects on or potential risks for the Company cannot be estimated.
113
VAT RECEIVABLES FROM UEFA CHAMPIONS LEAGUE 2000/2001 INCOME
In terms of the dispute with the Agenzia delle Entrate, regarding the refusal to refund the VAT receivable of € 1.4 million in relation to
the UEFA tournaments played in the 2000/2001 football season, a date still needs to be set for a hearing before the Supreme Court of
Cassation, which should make a ruling on the appeal against the second instance ruling in favour of Juventus.
FIGC DECISION OF 18 JULY 2011 IN RELATION TO THE COMPLAINT SUBMITTED BY JUVENTUS
On 11 August 2011 at the National Sports Arbitration Court (“TNAS”) at the Italian Olympic Games Committee the Company filed a
request for arbitration against the Italian Football Federation and F.C. Internazionale to repeal the decision made by the Italian Football
Federation on 18 July 2011 in relation to the complaint submitted by Juventus on 10 May 2010.
At the hearing on 9 September 2011 the President of TNAS declared its jurisdiction in sports matters and referred the parties to the
Regional Administrative Court for damages. A hearing was held on 4 November 2011 to discuss the jurisdiction, upon which TNAS
reserves the right to make the final decision. Subsequently TNAS declared its lack of jurisdiction with arbitration which was duly
challenged by the Company, for the purposes of a null judgement, with appeal submitted to the Appeal Court of Rome, served on the
FIGC and Football Club Internazionale Milan S.p.A. on 10 February 2012.
The first hearing before the Appeal Court of Rome was held on 18 September 2012. CONI, FICG and FC Internazionale appeared
during this hearing. The counterparties raised objections. The hearing was adjourned to 17 June 2014 and subsequently to 3 March
2015 to detail the conclusions. The outcome of the case is now expected.
The Company has also submitted an appeal, served on 15 November 2011, to the competent Regional Administration Court for Lazio
asking for a sentence of unjust damages resulting from the illegal exercise of administration activity and failure to exercise obligatory
activity in relation to the following administrative acts:
- resolution of the Federal Council of FIGC on 18 July 2011;
- failure of the Federal Council to adopt an express non-judicial revocation of the FIGC Extraordinary Commission act on 26 July 2006
assigning the Italian Championship to Football Club Internazionale Milano for the 2005/2006 championship;
- provision of the FIGC Extraordinary Commission on 26 July 2006 assigning the Italian Championship to Football Club Internazionale
Milano for the 2005/2006 championship.
The Company also asked for cancellation as necessary and where authorised, for the sole purposes of compensation for damages, of
the challenged administrative provisions.
La FIGC started proceedings with an act filed with the court on 2 December 2011, objecting to the inadmissibility of the appeal and
asking for its rejection as ungrounded.
No hearing has been set and it is currently not possible to make predictions regarding the outcome of the case.
MUTU/CHELSEA FC PROCEEDING
On 1 October 2014, the hearing was held at the Tribunal Arbitral du Sport (TAS) on the Mutu/Chelsea FC proceeding.
On 21 January 2015, the TAS notified the parties of the arbitration award on the dispute, which rejected in full the claims made by
Chelsea FC and ordered it to pay court costs. This decision has no effect on the financial statements of Juventus, as the Company,
fully aware of its position, had decided not to allocate any risk provisions for pending litigation. The proceeding has been definitively
completed.
NIKE EUROPEAN OPERATIONS NETHERLANDS B.V. (NIKE) ARBITRATION PROCEEDINGS
On 30 October 2014, Nike European Operations Netherlands B.V. (Nike) served Juventus a notice of arbitration to initiate an arbitration
for alleged breaches of the sponsorship agreement of 16 November 2001. At the moment no concrete items of proof have been
provided in support of Nike’s claims. Juventus has filed an appearance in these arbitration proceedings putting forward all its defence
arguments. The Arbitration Board has been constituted and has set the various phases of the arbitration, which will end with the
hearing of 2, 3 or 4 December 2015.
114
COSTRUZIONI ROMANE S.P.A. IN LIQUIDATION
Costruzioni Romane S.p.A. in liquidation (formerly ICS Grandi Lavori S.p.A.) sued Juventus FC S.p.A. before the Turin court asking to
determine the fulfilment of the conditions precedent to which the contract signed on 5 February 2015 on the development of the
Continassa Area was subject, and the failure of Juventus FC S.p.A. to carry out the contractual obligations, with the consequent right
to compensation for alleged damages quantified in € 5.3 million.
The first hearing is set for 28 October 2015.
Juventus F.C. S.p.A. will appear before the court dismissing the party’s claims as completely unfounded in fact and in law.
TAX INSPECTION BY THE AGENZIA DELLE ENTRATE
On 3 December 2014, a general tax inspection was initiated by the Agenzia delle Entrate - Piedmont Regional Tax Authorities - Major
Taxpayer Office, for the 2011/2012 tax periods, for direct taxes, and 2011, for VAT. This inspection, currently ongoing, is part of the
ordinary and periodic control of Major Taxpayers such as Juventus.
57. TRANSACTIONS WITH RELATED PARTIES
On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party transactions pursuant to article
4 of the “Regulation of related-party transactions” adopted by CONSOB with resolution no. 17221 of 12 March 2010, amendments
and additions thereto. The Procedure is available on the Company’s website (www.juventus.com).
In terms of the 2014/2015 financial year, it should be noted that transactions between Juventus Football Club S.p.A. and related parties
identified according to IAS 24 were performed at arm’s length, i.e. at the same conditions as those usually practised with non-related
parties for transactions of the same type, amount and risk, and in compliance with current laws.
The statement of financial position and income statement balances deriving from transactions conducted with related parties are
shown below.
115
The statement of financial position and income statement balances deriving from transactions conducted with related parties are show
below:
Trade and
Current
other current advances
receivables
paid
Cash and
cash
equivalents
Current
Trade
financial payables and
payables other current
payables
EXOR S.P.A. (a)
-
-
-
BANCA DEL PIEMONTE S.P.A. (b)
-
-
441.5
43.8
-
-
71.4
-
-
58.5
-
-
-
120.0
-
-
-
-
FCA ITALY S.P.A. (c)
346.6
-
-
-
-
4.7
FCA SE.P.IN S.C.P.A.
-
-
-
-
-
9.4
INDEPENDENT IDEAS S.R.L.
-
-
-
-
-
261.9
74.4
-
-
52.9
-
7.0
PUBLIKOMPASS S.P.A.
-
-
-
-
-
4.5
SADI S.P.A.
-
-
-
-
-
1.5
SISPORT FIAT S.P.A.
-
-
-
-
-
52.6
-
-
2,114.4
173.9 38,000.0
2,468.4
CNH INDUSTRIAL ITALIA S.P.A.
CUSHMAN & WAKEFIELD LLP
ITEDI S.P.A.
DIRECTORS
18.7 38,000.0
12.4
-
-
-
492.4
120.0
441.5
89,821.8
-
-
-
-
-
Current advances paid
- 6,012.6
-
-
-
-
-
-
3,126.8
-
-
-
Current advances received
-
-
- 15,315.5
-
-
-
-
-
- 149,501.0
-
Total current liabilities
-
-
-
-
0.5%
2.0%
14.1%
1.1%
TOTALS
Total current assets
Percentage of total transactions with related parties out of total
of the relative item of the Statement of Financial Position
(a) Current financial payables relate to the line of credit granted by the Parent Company.
b) Cash and cash equivalents with Banca del Piemonte S.p.A. relate to the credit balance on the ordinary current account.
c) Trade and other current receivables due from FCA Italy S.p.A. relate to the Main Sponsor agreement in place.
116
Current
advances
received
- 297,497.5
25.4%
0.8%
Income
Financial
income
Expenses
Financial
expenses
-
-
2.6
-
EXOR S.P.A.
17.9
-
25.0
408.5
BANCA DEL PIEMONTE S.P.A.
41.0
0.3
5.7
42.1
CNH INDUSTRIAL ITALIA S.P.A.
217.9
-
-
-
FCA GROUP MARKETING S.P.A.
120.6
-
-
-
14,300.0
-
20.1
-
6.9
-
15.1
-
INDEPENDENT IDEAS S.R.L.
-
-
274.2
-
ITALIA INDEPENDENT S.P.A.
-
-
0.9
-
ITEDI S.P.A.
102.4
-
88.8
-
IVECO S.P.A.
118.0
-
-
-
PUBLIKOMPASS S.P.A.
-
-
22.4
-
SADI S.P.A.
-
-
2.1
-
1,000.0
-
25.6
-
-
-
54.5
-
GA & C. SAPAZ
FCA ITALY S.P.A. (a)
FCA SE.P.IN. S.C.P.A.
SAMSUNG ELECTRONICS ITALIA S.P.A. (b)
SISPORT FIAT S.P.A.
DIRECTORS
-
-
3,982.3
-
TOTALS
15,924.7
0.3
4,519.3
450.6
Total of the income statement item
348,193.9
2,365.1
263,855.0
10,860.7
4.6%
0.0%
1.7%
4.1%
Percentage of total transactions with related parties out of total
of the relative income statement item
a) Income from FCA Italy S.p.A. refers to the Main Sponsor agreement in effect.
b) Income from Samsung Electronics Italia S.p.A. refer to the sponsorship agreement in place.
Information on the fees of Directors and auditors of the Company is contained in the Report on Remuneration published pursuant to
article 123-ter of the Consolidated Financial Law to which reference is made.
58. APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS AND AUTHORISATION FOR PUBLICATION
The financial statements at 30 June 2015 were approved by the Board of Directors on 11 September 2015, which authorised publication
according to law.
On behalf of the Board of Directors
The Chairman
Andrea Agnelli
117
APPENDIX– TABLE OF CHANGES IN PLAYERS’ REGISTRATION RIGHTS IN THE 2014/2015 FINANCIAL YEAR,
IN COMPLIANCE WITH FIGC REGULATIONS
From
Amounts in thousand of Euro
Players
First Team
Asamoah Kwadwo
Barzagli Andrea
Bonucci Leonardo
Buffon Gianluigi
Caceres Silva Jose Martin
Chiellini Giorgio
De Ceglie Paolo
Evra Patrice Latyr
Giovinco Sebastian
Llorente Torres Fernando J.
Marchisio Claudio
Marrone Luca
Moedim Rubens Fernando
Motta Marco
Padoin Simone
Peluso Federico
Pepe Simone
Pirlo Andrea
Pogba Paul
Quagliarella Fabio
Storari Marco
Sturaro Stefano
Vucinic Mirko
Temporarily transferred players
Anacoura Joyce Francesco
Appelt Pires Gabriel
Barlocco Luca
Belfasti Nazzareno
Beltrame Stefano
Berardi Domenico (in comp.pass.)
Boakye Yiadom (in comp.pass.)
Bouy Ouasim
Branescu Constantin Laurentiu
Brignoli Alberto
Buchel Marcel
Bunino Cristian
Cais Davide
Canizares Garcia-Loygorri Nicolas
Cavion Michele
Citti Leonardo
Curti Nicolò
Di Benedetto Marco
Diagne Mbaye
Djalo Taritolay
Donis Anastasios
Fiorillo Vincenzo
Gallinetta Alberto
Garcia Tena Pol
Gerbaudo Matteo
Goldaniga Edoardo (in comp.pass.)
Hidalgo Garcia Nicolas
Ilari Carlo
Josipovic Zoran
Kabashi Elvis
Leali Nicola
Liviero Matteo
Magnusson Hordur Bjorgvin
Margiotta Francesco
Marin Vladut Nicolae
Martinez Jorge Andres
Massaro Davide
Mattiello Federico
Nocchi Timothy
Otin Lafuente Hector
Padovan Stefano
Pasquato Cristian
Pellizzari Stefano
Penna Filippo
Pinsoglio Carlo
Rosseti Valerio Lorenzo
Rossi Fausto
Rugani Daniele
Russini Simone (in comp.pass.)
Schiavone Andrea
Slivka Vykintas
Soumah Alhassane
Spinazzola Leonardo
Tavanti Christian
Thiam Mame Baba
Troisi James
Untersee Joel
Vannucchi Gianmarco
Other changes (1)
Total
To
Values at beginning of the period 01/07/2014 (1)
Acquisition
date
Company
Disposal
Date
Company
1
2
3
4
02/07/12
26/01/11
01/07/10
12/07/01
01/07/12
27/06/05
01/07/14
01/07/08
12/07/14
01/07/12
01/07/11
01/07/13
29/08/12
18/07/14
01/07/11
10/07/13
31/01/12
01/07/13
01/07/11
01/07/11
04/08/12
01/07/11
01/07/10
01/07/14
01/07/13
22/07/11
01/08/11
17/08/12
03/01/12
02/09/13
01/07/13
02/02/15
02/09/13
16/07/12
31/01/12
20/01/15
02/02/15
30/01/13
02/02/15
30/01/14
07/08/12
31/01/13
13/01/12
17/08/11
30/08/13
14/08/14
03/01/13
31/01/14
30/01/13
24/08/11
30/01/14
14/08/14
20/07/10
02/07/12
29/08/11
31/07/13
02/07/12
06/08/07
03/01/12
02/09/13
01/07/10
30/01/15
29/08/12
27/08/03
18/06/14
29/07/14
31/07/13
10/07/13
01/07/13
01/07/11
01/07/14
01/07/12
21/07/11
31/01/14
23/08/12
31/08/10
Udinese Calcio Spa
VFL Wolfsburg
A.S. Bari Spa
Parma F.C.
Sevilla Futbol Club Sad
ACF Fiorentina
Paris Saint-Germain Football (free transfer) *
AC Siena Spa
Mancheser United FC Ltd
Parma FC Spa
SS Lazio Spa
Athletic Club Bilbao (free transfer)
FROM YOUTH SECTOR
FROM YOUTH SECTOR
Udinese Calcio Spa
Torino FC Spa
Atalanta B.C. Spa
Atalanta B.C. Spa
Udinese Calcio Spa
AC Milan Spa (free transfer)
Manchester United (free transfer)*
SSC Napoli Spa
A.C. Milan Spa
Genoa Cricket and FC Spa
Manchester City FC
Bayer 04 Leverkusen
AS Roma Spa
Parma FC Spa
Resende Futebol Club
Atalanta BC Spa
Modena FC Spa
UC Sampdoria Spa
U.S. Sassuolo Calcio Srl
Genoa Cricket and FC Spa
AFC Ajax
Virtus Lanciano 1924 Srl
Ternana Calcio Spa
AC Siena Spa
FC Pro Vercelli 1892 Srl
Atalanta BC Spa
Rayo Vallecano de Madrid Sad
Vicenza Calcio Spa
FROM YOUTH SECTOR
AC Perugia Calcio Srl
Delfino Pescara 1936 Srl
AC Bra Srl
Granada Club de Futbol Sad
Panathinaikos FC
UC Sampdoria Spa
Parma FC Spa
FC Barcelona
FROM YOUTH SECTOR
UC Città di Palermo Spa
Granada Club de Futbol Sad
Ascoli Calcio 1898 Spa
Udinese Calcio Spa
FC Chiasso 2005 SA
Empoli FC Spa
Brescia Calcio Spa
Calcio Montebelluna Srl
Fram FC
FROM YOUTH SECTOR
Manchester City FC
Calcio Catania Spa
Vicenza Calcio Spa
FROM YOUTH SECTOR
FROM YOUTH SECTOR
Real Zaragoza
FROM YOUTH SECTOR
Montebelluna Calcio Srl
AC Cesena Spa
FROM YOUTH SECTOR
FROM YOUTH SECTOR
Agg.posizione AC Siena
FROM YOUTH SECTOR
Empoli FC Spa
Ternana Calcio Spa
FROM YOUTH SECTOR
Futbolo Klubas Ekranas
Lyngby Boldklub AS
Santarcangelo Calcio Srl
AC Siena Spa
FC Esperia Viareggio
Virtus Lanciano 1924 Srl
Kayserispor Kulubu
FC Zuric SA
FROM YOUTH SECTOR
Historical Accumulated Write-downs
cost
amort. and
depreciation
5
6
17,136
711
15,232
52,884
8,000
7,430
3,500
10,645
Term. of contract
9,932
3,038
175
10
3,649
Term. of contract
13,325
4,929
4,679
US Sassuolo Calcio Srl
02/07/14
7,297
1,164
1,635
10,216
Torino FC Spa
18/07/14
4,472
16,236
13,303
Al Jazira Football Sports Company 14,920
01/07/14
4,798
614
9,383
52,170
4,000
7,029
3,080
7,097
7,449
760
150
2,737
2,665
2,957
1,170
5,473
1,164
817
7,662
4,472
5,412
6,972
11,190
742
2,215
1,221
183
448
4,172
3,919
450
1,644
293
1,316
244
834
1,568
337
631
1,525
261
1,088
597
462
113
365
1,933
1,022
520
1,465
585
13,724
468
676
3,897
183
36
88
300
11,792
10
77
488
153
31
1,716
16
56
1,677
583
639
290
70
400
50
1,363
244
463
11,209
300,147
169
174
427
597
351
38
196
215
405
404
163
445
3,787
468
169
1,559
123
41
60
10,318
9
62
309
38
206
14
1,118
146
213
73
200
30
151
341
2,785
180,248
22/06/15
22/06/15
US Sassuolo Calcio Srl
Atalanta B.C. Spa
22/06/15
US Città di Palermo Spa
23/06/15
Ternana Calcio Spa
(*) Increases for capitalised costs
(1) The item includes the changes related to other professional players and registered young players. For further details, see the tables in the notes.
118
-
Net
7
12,338
97
5,849
714
4,000
401
420
3,548
2,483
2,278
25
10
912
10,660
1,972
3,509
1,824
818
2,554
10,824
6,331
3,730
449
899
977
183
448
3,338
2,351
113
1,013
1,356
87
661
111
75
169
1,718
617
116
1,302
140
9,937
507
2,338
60
36
47
240
1,474
1
15
179
115
31
1,510
2
56
559
437
426
217
70
200
20
1,212
244
122
8,424
- 119,899
Change in values for period
Economic effects for period
Values at end of period 30/06/2015
Acquisitions
Disposals
Amortisation
Write-downs
8
9
10
11
12
13
14
300
1,909
2,451
4,760
20,734
937
4,530
7,102
2,100
192
-
4,284
3,333
6,000
3,085
48
1,949
714
2,000
175
382
140
1,226
1,774
828
759
13
954
4,147
456
2,899
986
1,824
1,070
1,420
6,462
2,174
-
1,774
1,519
456
345
-
-
775
779
2,270
20
950
520
1,000
18
1,200
2,075
1,791
817
30
25
40
45
1,007
62
700
55
49
98
1,945
25
45
500
954
31
630
25
2,235
12
15
700
350
3,321
14
20
766
165
36
34
787
1,000
23
5,472
74,622
9,481
1,567
1,500
-
156
300
257
176
161
504
587
56
133
231
338
199
354
87
230
13
13
78
37
336
58
429
439
85
16
263
648
70
3,312
12
184
567
30
248
39
60
737
126
5
102
38
756
761
9
252
70
279
751
165
79
209
55
59
27
307
622
41
12
1,871
53,524
256
4,350
197
125
58
380
6,629
363
9,823
20,639
150
16,355
42,670
Capital losses Capital gains
Historical
cost
Accumulated
amort. and
depreciation
Miscellaneous
Net
Date of birth
Age at Remaining
contract
30/06/15
years at 30
June 2015
15
16 (14-15)
17,136
711
15,232
52,884
8,000
7,730
1,909
3,500
2,451
9,932
3,038
175
4,770
20,734
14,262
4,929
7,297
1,164
6,165
4,472
7,102
18,336
13,495
-
7,883
662
11,332
52,884
6,000
7,204
382
3,220
1,226
8,277
3,038
163
954
4,147
5,564
3,943
7,297
1,164
1,887
4,472
1,420
12,219
9,146
-
9,253
49
3,900
2,000
526
1,527
280
1,225
1,655
12
3,816
16,587
8,698
986
4,278
5,682
6,117
4,349
-
09/12/88
08/05/81
01/05/87
28/01/78
07/04/87
14/08/84
13/06/96
17/09/86
15/05/81
26/01/87
16/01/84
26/02/85
19/01/86
28/03/90
04/08/82
14/05/86
14/05/86
23/05/88
18/03/84
20/01/84
30/08/83
19/05/79
15/03/93
31/01/83
07/01/77
09/03/93
05/02/84
22/05/87
01/10/83
26
34
28
37
28
30
19
28
34
28
31
30
29
25
32
29
29
27
31
31
31
36
22
32
38
22
31
28
31
3
1
2
0
1
3
4
2
1
0
2
2
1
4
0
4
0
3
1
0
0
1
4
0
0
4
1
2
1
762
2,215
2,171
703
1,448
450
1,200
2,075
1,644
1,791
2,342
261
1,118
25
637
507
113
1,007
427
1,933
1,722
575
49
1,945
585
13,724
493
721
4,397
183
990
119
300
11,792
630
10
77
513
153
2,266
1,728
31
756
350
1,677
3,904
310
836
165
436
84
2,150
1,244
463
23
8,402
312,056
449
1,616
501
176
161
393
133
231
969
199
523
261
657
13
610
429
75
336
254
644
844
489
16
648
515
7,099
480
353
2,126
153
248
80
120
11,055
126
9
67
411
76
756
967
23
252
70
1,397
897
152
209
55
259
57
458
622
382
12
3,224
197,821
313
599
1,670
527
1,287
57
1,067
1,844
675
1,592
1,819
461
12
27
78
38
671
173
1,289
878
86
33
1,297
70
6,625
13
368
2,271
30
742
39
180
737
504
1
10
102
77
1,510
761
8
504
280
280
3,007
158
627
110
177
27
1,692
622
81
11
5,178
114,235
01/08/94
18/09/93
20/02/95
15/07/93
08/02/93
01/08/94
28/01/93
11/06/93
30/03/94
19/08/91
18/03/91
27/08/96
01/02/94
12/02/96
08/12/94
14/07/95
26/03/95
05/08/95
28/10/91
28/10/91
29/08/96
13/01/90
16/04/92
18/02/95
19/05/95
02/11/93
30/04/92
12/12/91
12/06/88
25/08/95
20/02/94
17/02/93
13/04/93
11/02/93
15/07/93
15/05/95
05/04/83
10/02/98
14/07/95
07/07/90
19/01/96
16/04/94
20/07/89
03/01/97
24/03/95
16/03/90
05/06/94
03/12/90
29/07/94
20/03/96
23/02/93
29/04/95
14/04/92
02/03/96
25/03/93
19/05/95
09/10/92
03/07/88
11/02/94
30/07/95
20
21
20
21
22
20
22
22
21
23
24
18
21
19
20
19
20
19
23
23
18
25
23
20
20
21
23
23
27
19
21
22
22
22
21
20
32
17
19
24
19
21
25
18
20
25
21
24
20
19
22
20
23
19
22
20
22
27
21
19
2
2
3
3
4
4
2
1
4
4
2
4
3
0
2
1
2
1
1
2
3
3
2
1
2
3
2
1
2
1
2
4
1
3
1
3
1
2
4
2
1
2
2
1
1
2
4
1
4
1
2
2
3
2
3
1
3
1
2
1
119
ATTESTATION PURSUANT TO ART. 154 BIS OF ITALIAN LEGISLATIVE
DECREE NO. 58/98
We, Aldo Mazzia, Chief Executive Officer and Marco Re, Manager for preparing the financial reports of Juventus Football Club
S.p.A. certify, also taking into account the specifications of Art. 154-bis, sections 3 and 4, of the Italian Legislative Decree of
24 February 1998, no. 58:
- the adequacy in relation to the characteristics of the Company and
- the effective application,
of the administrative and accounting procedures for the formation of the financial statements during the 2014/2015 financial year.
It is also certified that:
- the financial statements at 30 June 2015:
• have been prepared in compliance with international accounting standards, as endorsed in the European Union under
EC Regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
• correspond to the books and accounting records;
• give a true and fair view of the Company’s assets and economic and financial situation;
- the Report on Operations includes a reliable analysis on operations and operating results as well as the situation of the
company, along with a description of the main risks and uncertainties it is exposed to.
Chief Executive Officer
Aldo Mazzia
Financial Reporting Officer
of Juventus Football Club S.p.A
Marco Re
123
124
BOARD OF STATUTORY AUDITORS’ REPORT - ANNUAL FINANCIAL REPORT - 30 06 15
125
126
127
128
129
130
131
INDEPENDENT AUDITORS’ REPORT - ANNUAL FINANCIAL REPORT - 30 06 15
135
OUR PARTNERS
REGIONAL PARTNERS
INFORMATION FOR SHAREHOLDERS,
INVESTORS AND THE PRESS:
RELATIONS WITH INSTITUTIONAL INVESTORS AND FINANCIAL ANALYSTS
telephone +39 011 65 63 403
fax +39 011 56 31 177
[email protected]
PRESS OFFICE
telephone +39 011 65 63 448
fax +39 011 44 07 461
[email protected]
C.so Galileo Ferraris, 32 - 10128 Turin
www.juventus.com
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
This document contains a true translation in English of the report
in Italian “Relazione finanziaria annuale al 30 giugno 2015”.
However, for information about Juventus Football Club S.p.A.
reference should be made exclusively to the original report in Italian
“Relazione finanziaria annuale al 30 giugno 2015”.
The Italian version of the “Relazione finanziaria annuale al 30 giugno 2015”
shall prevail upon the English version.
This document is available on the Internet at www.juventus.com
GRAPHIC DESIGN AND ART DIRECTION
Independent Ideas
PHOTOGRAPHY
LaPresse
PRINTED BY
G. Canale & C. S.p.A.
A N N U A L
FINANCIAL
R E P O R T
30 06 15

annual financial report

Transcription

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